I heard Bill Polian on NFL Radio last night. He talked at length about how free agency has changed with the new CBA and how it's impacted how teams are having to treat free agent signings. Went on for awhile, really intelligent and saw the big picture of the changing landscape in the league.
He said that since 2009, the salary cap has gone down (except for the crazy uncapped 2010), and is only now back to 2009 levels. The problem was, teams had gotten in the habit of planning for dead money in contracts on the assumption that the cap would continue to go up and absorb the dead money. And lots of them got stuck with previously written contracts based on the old approach when things changed, and many are still struggling to deal with that.
He said that's why you see less big signings. He said that he and Bill Parcells wrote an article about their recommended approach (which I couldn't find anywhere). They regard tier one free agents to be age 28 max, good production, no significant injury history/character concerns. Those guys and only those guys should get the big money, and it tiers down from there. He said that he and Parcells drew up the tier one targets for this FA season, and that so far, GM's around the league seem to be adhering to some version of the same philosophy - the only big contracts so far fit that tier one criteria.
They just can't afford to step too far outside of that, given the projetions of a relatively flat cap until 2016. They don't have the wiggle room that they did in the era before the new CBA. The main exception to this is at QB, but they have to make painful allowances elsewhere when they go crazy on a QB contract (see Baltimore).
It was really good stuff, seen from a GM perspective, about how the whole mindset of GM's has had to change.