Refers to the level of attractiveness of a potential sex partner. While said person may be somewhat attractive or exhibit certain desirable traits, it is not a person one would date. Such assessments usually end in one night stands. Usually used by college or professional athletes (football,basketball, etc.) as it relates to their respective sports' draft.
Yeah, she's got a nice body, but she no "first round pick". I might pick her up as a "free agent" after the bars close...
. Someone who sleeps with either sex. Especially someone who choses depending on which is more attractive, or is the better deal, on a given night.
Mike: Hey, it looks like Eddie is hitting on that gut...is he gay or what?
Frank: Na, but there are no good looking women here tonight, he's just looking for the best deal. Eddie's a free agent.