At the moment there are roughly 120 unrestricted free agents, including big-name players such as Edgerrin James, Marvin Harrison, Derrick Brooks, Willie McGinest, Shaun Alexander, and less famous players such as Pete Kendall, Mark Tauscher, Dewayne Roberston and Amani Toomer.
So many free agents will compete for the limited vacant positions in the league. And many of them have problems of age, declining production and injuries. Bright ones such as Toomer and Kendall, who make sense for a lot of teams, know that they have to compete for a job. So they have been woking hard to keep in shape and productive. And also they do not aim to high, a one-year, veteran-minimum-type deal will just be ok.
Anyway, if they are working in the right way, the free agents still have chance since injuries are a part of the game and most teams will be looking for help from free agents.