What is the difference between restricted free agent and unrestricted free agent?

Answer 1

An unrestricted free agent is free to take the highest offer from whoever offers it. A restricted free agent can shop around for the highest salary. But, the team that owns him has the option to match that highest offer and the player must accept it.

If there is no salary cap, the offers to free agents should be significantly higher, especially if a bidding war ensues. But, this will probably be a 1-year offer, since there should be a cap with the new collective bargaining agreement in 2011.

Answer 2

A restricted free agent in the NFL is limited to which teams he can talk to as his current team tries to keep him on their roster. On the other hand an unrestricted free agent can talk to which ever team he wants.