Most significant signing: To this point, Cincinnati's most significant free-agent signing has been a re-signing. By inking restricted free-agent linebacker Vincent Rey to a two-year deal, the Bengals maintained their depth at outside linebacker and kept a vital special-teams piece. The Bengals aren't known to make major free-agency splashes with players from the outside, so it was even more significant that they retained a well-regarded player who not only provides depth but also can start regularly.
Most significant loss: Anthony Collins' decision to sign with Tampa Bay wasn't a big surprise, but it was the biggest loss the Bengals have had so far this free-agency period. Defensive end Michael Johnson's departure was long expected because of the higher price tag he was likely to command. The team still felt it had a chance late with Collins, even an outside chance. The cuts of linebacker James Harrison and center Kyle Cook were big moves, too, but ones the Bengals should more easily move on from.
Biggest surprise: Cincinnati's biggest free-agency surprise actually came two weeks ago, when the Bengals extended low-round tenders to restricted free agents Andrew Hawkins, Dane Sanzenbacher and Rey. The decision to give a low-round tender to Hawkins was perhaps the most curious decision, as it gave the rest of the league free reign to bid as high as they wanted on the player who was the Bengals' third-leading receiver in 2012 (an injury limited him to just half the season in 2013). Cleveland jumped at the chance to give Hawkins an offer that is expected to go unmatched. Since he was an undrafted player, the Bengals won't receive any draft-pick compensation from Cleveland if they fail to match its offer. Lesson learned: The Bengals should have given Hawkins a second-round tender in order to keep him from being poached so easily.
What's next? Although the Bengals lost a couple of big pieces in Johnson and Collins -- not to mention their starting center and "Sam" linebacker -- they will return in the fall with a roster that has very few glaring holes. The good news is that their biggest contributors are already in place, and other backups, like recently re-signed guard/center Mike Pollak, could end up taking over starting jobs. Still, expect the Bengals to keep trying to build their defensive-line and offensive-line depth via free agency and the draft. Linebackers also could be draft targets, as could any number of defensive backs.