Let’s begin a trade notebook without the use of a hackneyed reference to the 4 p.m. ET NFL trade deadline being on the same day as the election. We’ve all heard the jokes, and they were never all that funny.

Let’s also begin with the blanket caveat that teams, especially those in contention, call other teams who aren’t in contention just to see if their star player could be dealt at some absurdly low price. Yes, teams have called the Cleveland Browns about Myles Garrett. No, the Browns have not been and are not interested in dealing the reigning NFL Defensive Player of the Year.

I thought Mickey Loomis said it well earlier this week on WWL Radio. “I’m not really one who thinks that trading away half your roster makes a lot of sense at this point for, generally, what I think are undervalued offers,” the longtime Saints personnel chief said.

But that hasn’t stopped the NFL at large from making more trade deadline deals than ever before. Our guy Jared Dubin dove into that topic earlier this week with history and numbers and great points, which is typical of his writing.

I’ll add a couple other points to that. There’s the trade deadline excitement that baseball and basketball have experienced for years. No one wants to miss out on the fun, and the NFL was much like Squidward in that Spongebob window meme for many years.

Secondly, make no mistake: picks matter. They just don’t matter as much as they used to. Teams are finding sophisticated ways to get cap relief on some contracts (hello, insurance policies) and are willing to pay out more guaranteed money for veterans. The turn-of-the-decade Rams changed things — at least in terms of how a lot teams view the true value of their draft picks.

Teams are also willing to move on from draft picks faster than before. Look at how quickly the plugs have been pulled on first-round quarterbacks in recent years: Zach Wilson, Trey Lance, Justin Fields, Mac Jones, Kenny Pickett, Bryce Young and, just this week, Anthony Richardson. Those are all first-round quarterbacks who have taken seats, so good luck to the fourth-round cornerback who’s underperforming.

For all those reasons and more, we’ve seen a more robust trade landscape than before. And deals will certainly be made until they can be made no more on Tuesday. Before exploring those deals, let’s look back at one that left many around the league scratching their heads.

Sources across the NFL were floored by the lack of compensation Carolina received for wide receiver Diontae Johnson. To recap: The Panthers sent Johnson, their leading receiver at 28 years old, to the Ravens for a fifth- and sixth-round pick swap while absorbing all but the prorated league minimum of his salary.

Usually teams get a higher draft pick by “buying” the contract, or a lower one by passing the contract along to the next team. In this case, the 1-7 Panthers got what may be a 10-12 pick improvement on Day 3 of the 2025 draft while also paying Johnson’s salary to go to Baltimore. Though there had been previously reported communication issues between Johnson and the team, the return was lower than expected. It was by far the lowest compensation of the four big-name receivers traded before the deadline.

Multiple sources questioned why the Panthers did not hold on to Johnson for another week. Even if he were inactive for Sunday’s game against the Saints, perhaps a better market could emerge for Carolina to deal him. At worst — and if the relationship had deteriorated beyond repair — the Panthers could have cut Johnson after the trade deadline to subject him to waivers. Then any team — and maybe not the Super Bowl-contending Ravens — could have scooped him up while paying out the remainder of his salary. Carolina could have kept its money, stayed near the top of the sixth round and made a statement to the present and future locker room about how business will be conducted.

Kansas City and Buffalo continue to make calls on targets. Despite K.C. giving up a potential fourth-rounder for DeAndre Hopkins and a future sixth for Josh Uche, the Chiefs may not be done yet. Someone to bolster the defensive backfield could help the Chiefs down the stretch as they try for the first three-peat in NFL history.

The Steelers still desire a receiver, just as they have since they had Brandon Aiyuk in their grasp back in August. The Broncos are neither strong buyers nor sellers. Denver doesn’t want to disrupt the good thing it has going with NFL Offensive Rookie of the Year candidate Bo Nix, but sources could see the franchise parting with the likes of outside linebacker Baron Browning before Tuesday.

Cleveland appeared to put a pause on things this week after beating the Ravens and moving to 2-6. Again… Myles Garrett is staying in Cleveland! But Za’Darius Smith and/or Elijah Moore could be on the move in the coming days — especially with a loss Sunday to the Chargers — since they’ve been potential trade candidates for a few weeks now.

The Chargers have very quietly been checking out the wide receiver market, and a reunion with old friend Mike Williams with the Jets has seemed possible. And the 1-6 Titans must be careful about the message to the locker room if they keep dealing away players.

Detroit’s obvious need is pass rusher, but the Lions have been banged-up across the defense. It’s hard to believe the Lions won’t make a move by Tuesday considering their playoff aspirations. Washington has poked around the receiver market to potentially give Terry McLaurin some help as it makes a playoff push.

In the NFC South, Atlanta has shown interest in bolstering the pass rush. The Saints, as noted above, won’t be sellers unless there’s a fair deal to be had. Carolina doesn’t want to have a firesale, but there’s little use in hanging on to Jadeveon Clowney past Tuesday afternoon. Plus, Adam Thielen being held out of Sunday’s game against the Saints lead many to believe he could be traded before the Panthers fly to Germany next week. And if Tampa Bay can upset the undefeated Chiefs on Monday night, the Bucs will be able to rest easier at receiver until they get Mike Evans back.

The Niners, who are on a bye this week, feel good about the weapons they are getting back soon, including Christian McCaffrey and Deebo Samuel. Chicago hasn’t indicated much interest in making any moves of note, and the Seahawks already dealt for Roy Robertson-Harris and Ernest Jones.

Finally, two GMs to keep an eye on: Howie Roseman with the Eagles and Monti Ossenfort with the Cardinals. Roseman, of course, is always willing to make a deal, even though he got stung last year in the trade for Kevin Byard. And Ossenfort has made a name for himself wheeling and dealing in the draft the past two years. Now he’s in charge of a Cardinals team atop the NFC West halfway through the season for the first time since 2021, plus a healthy cap situation, all despite a banged-up defense.