New league year starts Wednesday at 4:00 p.m. ET

There was a time when the new league year coincided with the beginning of free agency. It was, every year, a crazy day.

Nowadays, the nuttiness starts when the negotiating window opens, 52 hours before the start of the league year. But there's one very important thing to remember.

Nothing is done until it becomes official after the new league year begins.

Trades, in theory, can fall through. That never happens.

Unrestricted free-agent deals, in theory, can fall through. That has happened. It's rare, but it has happened.

(That said, deals between players and their current teams can be finalized before Wednesday, and contracts can be signed by players who have been officially released.)

Nothing is binding. Players can walk away. Teams can walk away. It can happen.

The far greater likelihood is that, once 4:00 p.m. ET arrives on Wednesday, all tentative deals will be official.

Also, teams will need to be under the cap. Players will be released with post-June 1 designations (like Aaron Rodgers and Darius Slay.) More moves could be made as roster bonuses become due and guarantees approach vesting.

There will be plenty of activity. The bulk of it has happened — even though more than a few key players continue to be uncommitted for 2025.