4. Indianapolis Colts
The Colts will surely do everything they can to retain free agent wide receiver Michael Pittman and sign him to a long-term deal. But other than Josh Downs and whatever potential Alec Pierce might still have, they sorely lack passing game weapons for quarterback Anthony Richardson. They have the cap space to do whatever they need/want to on that front.
Bleacher Report has pointed to Reynolds as a potential fit to fill that need for depth and a downfield depth threat.
"A veteran wide receiver like DJ Chark Jr. or Josh Reynolds who could be a big deep threat would go great with Richardson and the current receiving corps."
Reynolds would be an ideal reliable veteran wide receiver for a team like the Colts. From his end of things, they can offer a notable role and a good contract that would reflect his expected role.
3. Baltimore Ravens
Odell Beckham Jr. had fleeting moments last season for the Ravens, but overall he was a disappointment and it seems unlikely they'll make a real effort to keep him. They surely won't pay him what they did last offseason ($15 million), which stands to push him toward signing elsewhere.
Alex Ballentine of Bleacher Report pointed to Reynolds as an overlooked free agent who could be a difference maker on the right team, with a punch line as it relates to the Ravens.
"Reynolds could serve as a cost-effective replacement for Odell Beckham Jr. in Baltimore."
With size (6-foot-3), downfield ability (15.2 yards per catch) and as a reliable chain mover (57 of 68 catches for first downs over the last two seasons), not to mention at a bargain rate, Baltimore should have interest in Reynolds.
The Ravens don't have a lot of cap space right now, but work will surely be done to clear some before free agency starts. That said, if Reynolds signed with Baltimore it would be with more of any eye on a Super Bowl ring than getting the biggest contract he can.