Free Agent Stock Watch: Diontae Johnson

Diontae Johnson’s first five seasons in the NFL saw him serve as a key figure in the Steelers’ passing attack. Receiving no fewer than 87 targets each campaign, it was not difficult to envision him remaining a central aspect of Pittsburgh’s offensive blueprint for years to come.

Johnson inked a two-year, $36.71MM extension in 2022 in a surprisingly short-term commitment on the part of team and player. The receiver market has erupted in recent years, with four-year pacts checking in at much higher annual rates in many cases. Johnson – one of several players on the offensive side of the ball who have been involved in incidents related to attitude and effort for the Steelers – requested a trade from Pittsburgh, though, and was dealt to Carolina ahead of the 2024 campaign.

That fresh start provided him the opportunity to work as a No. 1 option with the Panthers, a team which made several offseason moves aimed at improving on offense around quarterback Bryce Young. Johnson, 28, delivered relatively strong numbers (considering Carolina’s offensive woes) earlier in the year with three touchdowns and an 11.3 yards per catch average. The former Pro Bowler soon found himself involved in another change of scenery, however.

Johnson expressed an openness to working out a new Panthers deal, but the team did not show much urgency on that front. Ahead of the trade deadline, Carolina’s record led to calls on several pending free agents, and a willingness was shown to make changes at the WR spot with the Jonathan Mingo deal. Johnson was on board with a trade allowing him to join a contender, and one was worked out with the agreement which sent him to the Ravens. The Panthers absorbed most of his remaining compensation, but even a low acquisition cost did not yield a strong return Baltimore.

Making only four appearances with the Ravens, Johnson recorded just one reception. His refusal to enter a game in which starter Rashod Bateman was injured resulted in a one-game suspension. During the following week, the Toledo product was excused from the team before ultimately being waived. Johnson’s third team in 2024 will offer him the chance to produce in the playoffs and in doing so help recover his value to an extent.

In the wake of losing both Stefon Diggs – and, more recently – Tank Dell to ACL tears, the Texans put in a claim for Johnson. Nico Collins remains Houston’s top target, but a pathway exists for Johnson to carve out a complementary role in time for the wild-card round. He did not dress for a potential revenge game on Christmas Day against the Ravens, but Week 18 against the Titans will offer him the opportunity to get acclimated in advance of a home playoff contest soon after.

Regardless of how he fares in Houston, though, Johnson’s stock has clearly taken a major dive. As CBS Sports’ Joel Corry writes, the former third-rounder is likely on track for a ‘prove it’ pact in 2025. A one-year commitment from the Texans or another interested party will no doubt check in at a far lower rate than the $18.36MM AAV of his current deal. Diggs is a pending free agent given the removal of the post-2024 years on his contract upon arrival via trade from the Bills, but he could re-sign based on his strong showing before the injury.

Collins is on the books long term, while Dell remains attached to his rookie contract (although his availability for 2025 is in question). As a result, Johnson could very well find himself changing teams once again this spring. Even with an impressive outing this week and in the playoffs, it would be a surprise if he were to generate much interest given his multiple departures in 2024. Still, teams have shown a willingness to make notable commitments on one-year pacts at the receiver position.

As Corry notes, Mike Williams landed $10MM in base value on his Jets contract in free agency last year, while Marquise Brown secured $7MM guaranteed from the Chiefs. Both deals included incentives, although Williams’ performance in New York led to a deadline trade and Brown’s SC joint injury left him sidelined for most of the season. Those cases could lead to caution on the part of suitors this spring when Johnson hits the market.

Tee Higgins is on track to be the top free agent at the WR spot in March, and he and Diggs are joined by the likes of Chris Godwin, DeAndre Hopkins and Amari Cooper as notable wideouts on expiring deals. Johnson will not garner as much interest as those options, an illustration of the extent to which his stock has fallen in very short order after his Pittsburgh days.