The first few waves of free agency have come and gone, sending shockwaves throughout the NFL. It’s rocked the hierarchy of Super Bowl contenders in both the AFC and NFC, which was reflected in the updated power rankings from Touchdown Wire’s Mark Schofield.

For the Saints, the additions of wide receiver Emmanuel Sanders and defensive back Malcolm Jenkins (both regular faces at the Pro Bowl) combined with losses around the conference to put them ahead of their competition. The Saints now rank third-best in the NFL and should be seen as favorites to represent the conference in Super Bowl LV. Here’s what Schofield wrote to justify their high placement, above rivals like the San Francisco 49ers (fourth), Green Bay Packers (fifth), and Tampa Bay Buccaneers (eighth):

The Saints badly needed to get Michael Thomas a running mate, and they did just that, adding Emmanuel Sanders to bolster their wide receiver group. Both Thomas and Sanders are versatile targets, with both being used last season in the slot and on the boundary. With Sanders in the fold, New Orleans can use their first-round selection to help the defense, perhaps with Zach Baun from Wisconsin, or they could trade down as they currently last a second-round pick. Speaking of the defense, adding Jenkins into the secondary gives them a proven veteran safety with the ability to play both as a single high free safety or down in the box if needed. He can also serve as a strong mentor for Marcus Williams at the opposite safety spot and be a leader in the locker room. But the main reason for their modest jump is the Sanders acquisition. This is going to be a very hard passing game to slow down.

The addition of Tom Brady elevated the Buccaneers from a below-average squad to a Super Bowl dark horse, but the rest of the NFC South trails them and the Saints a big further behind. Teddy Bridgewater’s landing with the Carolina Panthers raised them from second-worst to just No. 28, while the Atlanta Falcons slid back to the No. 22 spot after starting the offseason at No. 19. When you lose key contributors like Austin Hooper and De’Vondre Campbell and replace them with first-round draft busts like Laquon Treadwell and Hayden Hurst, you’re going to have a bad time. For now, it’s looking like a two-horse race (at best) in the NFC South.