The NFL season has officially reached its halfway point, and it's time to hand out some midterm grades.

The 2025 campaign has underscored the parity running rampant throughout the league, with every team already having suffered at least two losses. That's made it even harder to assess each franchise, as a group that looks like a leading contender one week might suffer a serious setback the following Sunday. Yet despite the inconsistent trajectories, the sample size is now large enough that teams can be fairly judged against their preseason expectations.

Here are our grades for all 32 teams after the first half of the season:

Indianapolis Colts: If not for a six-turnover unraveling against the Pittsburgh Steelers, Indianapolis would have stood alone as the only team with an A-plus. But don't let that outlier meltdown color the view of what's otherwise been a stunningly impressive start. The Daniel Jones-helmed offense has been a model of efficiency, pacing the league with a 50% success rate. Meanwhile, the surprising midseason trade for cornerback Sauce Gardner could take Lou Anarumo's defense to new levels with all of the coverage possibilities unlocked by the two-time All-Pro's arrival.