2024 NFL Free Agency: Bears get great value and a high-level receiver in trade for Keenan Allen

• Chargers shed cap space, trade Keenan Allen to Bears: Chicago missed out on a premier wideout in free agency but made a splash move by trading for Allen, who earned an 86.3 PFF grade in 2023.

• An elite pairing with D.J. Moore: Allen’s route-running chops and prowess underneath synchronize with the more explosive and athletic Moore. Allen’s career average depth of target is just 9.3 yards downfield, while Moore’s is 12.0.

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Salary cap space isn’t always about going on a spending spree in free agency; it also provides the flexibility to pick up outstanding players for pennies on the dollar. That’s just what the Chicago Bears were able to do in trading for wide receiver Keenan Allen from the Los Angeles Chargers for just a fourth-round pick.

The Chargers entered the new year with several bloated contracts on the books taking up four of the biggest cap charges in the NFL — none of which were assigned to quarterback Justin Herbert. With a new regime in the building, they were always going to be making moves to release those players, restructure deals or try and find a trade partner to get the contracts off the books.

Allen had seemed like the most likely of the big names to stay in place, given how important he has been to the offense over the years, but his cap hit north of $34 million means, for the price of a fourth-round draft pick, the Bears were able to land one of the best and most savvy route runners of his generation.

Chicago’s receiving corps immediately jumps from being D.J. Moore and assorted friends to a potent receiving duo that will cause any defense in the league problems as long as both players are on the field.

At almost 32 years old, Allen is not a long-term move for the Bears but, rather, one that seeks to assist the evaluation and development of a young quarterback — presumably top draft pick Caleb Williams come April.

We saw just last season how bad things can go if a team's rookie quarterback doesn't have anyone to throw to. One of the many problems faced by Bryce Young in Carolina was exactly that, in large part because it cost the Panthers D.J. Moore in the trade to get up to No. 1 overall in the first place. As the beneficiary of that trade, the Bears are seeking to learn from Carolina’s mistakes and ensure that their young signal-caller has weaponry and options in the passing game.

There’s no real evidence that Allen is slowing down, either. Never overly reliant on speed or physical gifts, Allen saw 145 targets last season, snagging seven receiving touchdowns and ranking 11th in the league in yards per route run (2.36), actually two spots above Moore.

Allen and Moore also complement each other well in terms of skill set. Allen’s route-running chops and prowess underneath synchronize with the more explosive and athletic Moore. Allen’s career average depth of target is just 9.3 yards downfield, while Moore’s is 12.0.

Both players are excellent after the catch, which makes the Chicago receiving corps even more dangerous than many others. They are threats to get the ball in the first place, then they’re a threat to make a defense look silly once they do.

Even after taking on Allen’s contract, the Bears are still among the league leaders in cap space, and a restructure of Allen’s deal likely lowers his cap hit this year and gives the team even more room to work.

Cap space isn’t always about creating spending money to chase overpriced free agents — it can be about having the capacity to take on the kinds of contracts that are crippling for more cap-squeezed franchises.

The 2024 NFL Draft is still over a month away, but chances are we have already seen the best fourth-round draft pick spent, with the Bears using it to land another outstanding receiving weapon for their quarterback.