No doubt the Dolphins are a contender for the AFC East. Both the Bills and Jets are in shoddy shape (despite some "decent" FA pickups for the Bills, including Tripplett from the Colts).
I'm really hoping the Bills pick up Winston Justice from USC in the OT position (the guy is massive) or Haloti Ngata at DT, since we couldn't get Pickett from the Rams, he signed with Green Bay. I think we need Justice more though, because our offensive line is pitiful. Thank God we cut Mike Williams, who absolutely sucks (thanks, Jacksonville, for picking him up. Get ready for a year of injuries and no effort, along with gaping holes in pass protection).
I'm actually pleasantly surprised with Marv Levy so far, he's made some good, smart moves. That doesn't mean I'm excited...we're definitely finishing at the bottom of the conference, especially if the Jets get Matt Leinart.
Secondly, and this doesn't relate to free agency (though I wouldn't mind seeing Frerotte in Buffalo), we need to start J.P. Losman. It is obvious that our team is in a development stage, and this win-now crap is just not going to happen. Kelly Holcomb is a mediocre journeyman backup, and will never lead a team to the playoffs. Losman is untapped potential - we're never going to find out how good he is until we actually give him time to play (and no, I don't mean Mike Mularkey putting him in for four or five games and pulling him because Eric Moulds bitched).
Let him play the entire season, and then we can decide whether he's worth the effort. He showed flashes of greatness last year against the Dolphins in particular (but we still managed to blow it, courtesy of Mike "I don't know how to handle all this media pressue" Mularkey).