During free agency I like to pick up any veteran players who can fill a hole on my team or who have a better skills set than my present players. You offer them a contract and they can either accept your offer or an offer from another owner. So you may get into a bidding war with another owner for a highly sought after player. Just watch your salary cap.
If I'm happy with where my team sits I don't have to do anything expect browse the draft class and nit-pick my gameplan, but that hardly ever happens. There's always going to be a position that needs improvement.