Despite entering free agency with the second-most cap space in the league, the LA Chargers have yet to make a significant move. While they have made several roster adjustments to improve depth, there hasn’t been a marquee signing to highlight this offseason.
According to Over The Cap, the Chargers still have $33 million in available cap space. With around $11 million needed for their incoming draft class and additional funds set aside for in-season moves, they remain in a strong financial position.
Additionally, the team could free up over $14 million in cap space by extending Rashawn Slater. With plenty of financial flexibility, the Chargers have the ability to make a major signing—it’s not a question of whether they can, but rather why they haven’t yet.
There could be a reason for the delay. While nothing is guaranteed, the Chargers may be positioning themselves for a major signing involving a familiar face. There’s growing speculation that they are biding their time before re-signing Keenan Allen.
Why the Chargers may be delaying an inevitable Keenan Allen signing
All signs point to Keenan Allen making his return to the Chargers. He has openly expressed his desire to stay in Los Angeles, stating that he would only play for the Chargers or the Bears in 2025. However, with the Rams already securing Davante Adams and Chicago allocating its cap space elsewhere, the Chargers are the only realistic option if Allen was serious about his preference.
If that’s the case, there’s no reason Allen wouldn’t agree to an informal handshake deal that isn’t finalized for a few more weeks. So why the delay? The answer likely lies in compensatory picks.
NFL teams that sign free agents after the draft don’t have those signings count against the compensatory pick formula—something general manager Joe Hortiz values highly. The Chargers currently hold three compensatory picks for 2025, and signing Allen before the draft could impact their ability to receive additional picks in 2026.
At present, Los Angeles isn’t projected to receive any comp picks next year, but that could change if J.K. Dobbins or Asante Samuel Jr. sign qualifying contracts before the draft. By waiting to finalize a deal with Allen, the Chargers ensure they don’t lose out on an extra pick if they don’t have to.
With no urgency on either side, there’s little reason to rush. If Allen is committed to returning, both parties can simply wait for the optimal time to make it official. And if not Allen—who wouldn’t require a major financial commitment—it’s hard to see where the Chargers would use their remaining cap space, as few available free agents could impact their passing game the way he can.
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