Why Seahawks kept Rashid Shaheed, let Kenneth Walker III walk | Analysis

The first day of the NFL’s free agent negotiating period began ominously for the Seattle Seahawks on Monday.

Barely 20 minutes past the 9 a.m. start time came news that running back and Super Bowl MVP Kenneth Walker III had agreed to sign with the Kansas City Chiefs. Walker received a three-year deal said worth up to $43.05 million with $28.7 million fully guaranteed, making him the fourth-highest paid player at his position in the NFL.

About an hour later came another hit — safety Coby Bryant agreeing to a reported three-year, $40 million deal with the Chicago Bears.

The bill for the party held at the Super Bowl last month, it appeared, was coming due, and it was a bit sobering.

Then came a sigh of relief as cornerback Josh Jobe returned on a reported three-year, $24 million deal.

After another hit — the loss of rush end Boye Mafe to the Bengals on a three-year deal worth up to $60 million — came cause for celebration with the surprising news that receiver/returner Rashid Shaheed had agreed to re-sign, getting a three-year deal worth up to $51 million with $23 million fully guaranteed at signing.

Just five days ago it was reported that Seahawks and Shaheed were “not close” in talks on a contract extension and that he was going to hit the open market.

The five who either departed or stayed Monday were part of a group of six unrestricted free agents that many speculated could go quickly when the negotiating period opened, the other being cornerback Riq Woolen.

As of early Monday evening, Woolen had yet to agree to a deal, though the expectation remained that he was unlikely to stay with the Seahawks, especially after they brought back Jobe.

The loss of the Super Bowl MVP in Walker not only leaves a hole in the offense as he ranked in the Seahawks’ top 10 career list in rushing attempts (821, eighth), rushing yards (3,555, eighth), and rushing touchdowns (29, fifth) after just four seasons, it’s also rare.

Walker, who rushed for 135 yards in the 29-13 Super Bowl win over the Patriots, becomes just the fourth Super Bowl MVP who will begin the following season with a new team and first since Tampa Bay defensive back Dexter Jackson, who signed with Arizona in 2003.

The Seahawks will likely scour what’s left of the free-agent market and maybe use the draft to help find a replacement for Walker, especially with Zach Charbonnet unlikely to be ready for the start of the 2026 season while recovering from ACL surgery.

Once news of Shaheed’s signing was revealed, the Seahawks’ plan seemed to make sense, potentially coming down to a question of positional value.

As many observers noted, the Seahawks likely could afford either Walker or Shaheed.

The highest-paid receiver this year will make more than $40 million a year (Ja’Marr Chase of the Bengals at $40.25 million) while the highest-paid running back makes $20.6 million (Saquon Barkley of the Eagles).

While Walker became the fourth-highest paid running back in the NFL, Shaheed became the 28th highest-paid receiver, according to Spotrac.com, adding a dynamic return ability that helped give the Seahawks what were regarded as the best special teams in the league in 2025.

And it only cost the Seahawks about $3 million more a year to keep Shaheed instead of Walker.

Shaheed, 27, was acquired on Nov. 4 in a trade with the New Orleans Saints, giving up fourth- and fifth-round picks in the 2026 draft.

The next day, he said his hope was to work out a long-term deal with the Seahawks.

“I’m here to stay,” said Shaheed, adding: “I’m excited to see if we can figure something out after the season ends.”

Shaheed took over as the No. 3 receiver for the injured Tory Horton behind Jaxon Smith-Njigba and Cooper Kupp but made his biggest impact as a returner with a punt and kickoff return for a TD in the regular season and another kickoff return for a TD to open the divisional playoff game against the 49ers.

Shaheed was rated 12th on NFL.com’s list of the top free agents available and Pro Football Focus estimated he might receive a three-year deal worth up to $42 million.

The Seahawks ended up blasting past that number to assure Shaheed will stay.

Horton should be back to full health next season teaming with Shaheed, Kupp and Smith-Njigba to give the Seahawks what could be one of the better receiving quartets heading into the 2026 season.

While the Seahawks lost three players Monday, all three should net the Seahawks compensatory picks in the 2027 draft, according to OvertheCap.com, which estimated that for now they would gain a fourth-rounder and two fifth-rounders (future signings can change those projections).