Carolina Panthers 2026 Offseason: Structured Deals, Smart Capital, and a Real Window With Bryce Young
Building Toward Contention
The Carolina Panthers signed Jaelan Phillips and Devin Lloyd on the same day, structured both contracts to protect cap flexibility, and landed two of the top free agents at their two biggest positions of need. They planned for it, prepared for months, and executed it in under an hour on the first day of the negotiating window. The Panthers know exactly what they are building, and they have a real window with Bryce Young at quarterback. This article covers the full picture: how Dan Morgan structured the deals, where the cap stands heading into the draft, which players are positioned to break out in 2026, and the two picks at 19 and 51 that could define Carolina's trajectory.
The Front Office
Before breaking down the moves, the organizational structure driving this offseason is worth understanding. General manager Dan Morgan operates alongside executive vice president of football operations Brandt Tilis, with head coach Dave Canales and defensive coordinator Ejiro Evero rounding out the core decision-making group. Lee McNeill serves as director of pro scouting and functions as Morgan's primary resource through free agency. Justin Davidov, the Panthers' football administration coordinator and primary contract analyst, handles the paperwork and contract structure that makes these deals executable. Eric Eager leads football analytics as vice president. This is a front office that has grown increasingly comfortable operating together, and that familiarity showed on the first day of the negotiating window.
Free Agency
| Player | Position | Years | Total | AAV | Guaranteed |
|---|---|---|---|---|---|
| Jaelan Phillips | EDGE | 4 | $120M | $30M | $80M |
| Devin Lloyd | LB | 3 | $42M–$45M | $14M–$15M | $25M |
| Rasheed Walker | LT | 1 | $4M | $4M | $3.215M |
| John Metchie III | WR | 1 | $1.9M | $1.9M | $1M |
| Kenny Pickett | QB | 1 | $7.5M | $7.5M | $4M |
| Luke Fortner | C | 1 | $2.75M | $2.75M | $1.325M |
| Isaiah Simmons | LB/S | 1 | $1.4M | $1.4M | $187.5K |
| A.J. Dillon | RB | 1 | Low Value | Low Value | Not Reported |
Jaelan Phillips
Years: 4 | Total: $120M | AAV: $30M Guaranteed: $80M ($60M at signing)
What he brings: An explosive, high-motor edge rusher with 28 career sacks and first-step burst who gives Carolina a legitimate pass-rush threat opposite Princely Umanmielen.
Phillips was the Panthers' first call when the negotiating window opened. Tilis and Morgan had identified the pass rush as the single biggest need on the roster heading into the offseason. Carolina finished 28th in the league in sacks in 2025 despite Derrick Brown posting a career-high 5.0 and rookie Nic Scourton showing promise. They needed a true edge rusher and they moved fast. The deal was agreed to within 49 minutes of the negotiating period opening.
The contract structure reflects careful planning around Phillips' injury history (including a 2022 ACL tear and prior soft-tissue issues). The Panthers included a $35M signing bonus (prorated at $8.75M per year against the cap) and kept the 2026 base salary low at $1,215,000. This minimizes the immediate 2026 cap hit while delivering significant cash upfront. The $60M fully guaranteed at signing protects Phillips regardless of future injury or release, with additional guarantees rolling forward.
Further tying earnings to durability, the deal includes a per-game roster bonus (approximately $1.01M–$1.02M annually in later years, paid per game active). This structure incentivizes availability rather than pure statistical performance, a design that mitigates risk for both sides on a high-upside but with an injury history. Combined with the young core of Derrick Brown (27), Phillips (26), Umanmielen (24), and Scourton (21), this move gives the Panthers a disruptive, ascending defensive front with long-term runway.
Devin Lloyd
Years: 3 | Total: $42M-$45M | AAV: $14M-$15M Guaranteed: $25M
What he brings: A sideline-to-sideline off-ball linebacker with first-round pedigree, blitz explosiveness, and the athleticism to hold up in coverage.
Lloyd was the second priority of the day and required a different kind of discipline. While Phillips agreed within the first hour, the Panthers spent the better part of the next ten hours monitoring the linebacker market and waiting Lloyd out. Quality linebackers were moving quickly as the evening wore on, but Carolina held their position and Lloyd's agreement was filed with the league office just before 11 p.m. Davidov, who processed over $165 million in contracts that day alongside Tilis, described the environment as collaborative and organized despite the pace and pressure. Morgan and Tilis had done the preparation months in advance. The day itself was just execution.
Lloyd, the No. 27 overall pick in the 2022 NFL Draft, delivered the best season of his four-year career in 2025 with the Jacksonville Jaguars. In 15 starts he recorded 81 tackles (35 solo), 1.5 sacks, 6 tackles for loss, 7 pass breakups, 10 quarterback hits, and a career-high five interceptions (including a 99-yard pick-six against the Kansas City Chiefs). He earned second-team All-Pro honors and his first Pro Bowl selection. PFF graded him 89.1 overall (3rd among 88 qualified linebackers), with strong marks in coverage (81.1, 3rd), run defense (83.2, 11th), and pass rush (82.2, 5th).
At 6'3" and 235 lbs, Lloyd offers the athleticism and length to cover ground laterally while contributing as a blitzer and in the run game. In Ejiro Evero's 3-4 scheme he fits as an off-ball ILB who can drop into coverage, scrape to the ball, and add pressure on designed blitzes. Pairing him with Trevin Wallace (who showed flashes in 2025) and Isaiah Simmons (re-signed on a lower-value deal) gives the Panthers added versatility and playmaking at the position.
Rasheed Walker
Years: 1 | Total: Up to $10M | AAV: Up to $10M Guaranteed: Not fully reported
What he brings: A reliable left tackle with 48 career starts, a 70.0 PFF pass-block grade in 2025, and light feet that translate well in Dave Canales' outside-zone system.
Walker has the potential to be a Pro Bowl left tackle and on a one-year deal, he gives Carolina a legitimate starting option at a position that needed answers after Ikem Ekwonu ruptured his patellar tendon in his right knee during the team's wild-card playoff loss to the Rams. The opportunity is there for both sides. This is smart roster management on a high value contract.
Luke Fortner
Years: 1 | Total: Up to $4.75M | AAV: Up to $4.75M Guaranteed: Not fully reported
What he brings: A top-10 center by PFF pass-block grade in 2025 (72.5, 7th among qualifiers) with strong lateral quickness and technique at the pivot.
Center was a need after Cade Mays went to Detroit. Fortner is a legitimate starting-caliber player at a backup price. That is a high value signing.
Kenny Pickett
Years: 1 | Total: $7.5M | AAV: $7.5M Guaranteed: $4M
What he brings: A proven NFL starter with 36 career starts who gives Bryce Young legitimate insurance without eating cap space.
You need a backup quarterback who has started games in this league. Pickett fills that role.
A.J. Dillon
Years: 1 | Total: Low value | AAV: Low value
What he brings: A physical downhill power back who slots directly into the short-yardage and goal-line role Rico Dowdle vacated when he signed with Pittsburgh.
Chuba Hubbard is the lead back with a 4.7 career yards per carry average. He is reliable. Jonathon Brooks is the wild card in this backfield. If he stays healthy and builds on his 2025 production, this running back room has real three-down capability. Dillon just keeps the engine running in the meantime and fills the void at Power Back.
The Cap Space
Carolina enters the draft with approximately $2.2M–$3.1M in top-51 cap space against a $22.1M dead cap figure (19th in the NFL). The Derrick Brown restructure, converting $16.9M of 2026 salary into a signing bonus with two void years added, freed roughly $13.5M. Dead cap charges include Andy Dalton ($5.7M), Austin Corbett ($4.4M), Adam Thielen ($3.3M), Shy Tuttle ($3.2M), and Josey Jewell ($2.3M). These figures remain manageable, and structures such as the Phillips contract (low 2026 base salary and availability incentives) helped accommodate multiple additions.
| Position Group | Unit Status | Breakout Candidate | Strategic Outlook | Primary Personnel |
|---|---|---|---|---|
| QB | Inflection Point | Bryce Young | His Year 3 leap is a major franchise pivot: with the pieces around him I believe Year 4 becomes his best year to date and he surprises everyone. | Young, Pickett |
| RB | Injury Ascension | Jonathon Brooks | Brooks' late-season return adds elite ceiling to a room with Hubbard's reliability and Dillon's bulk. | Hubbard, Brooks, Dillon, T. Etienne |
| WR | Untapped Potential | Jimmy Horn Jr. | Metchie/Young chemistry and Legette's size create windows for Horn Jr. to exploit as a vertical threat. | McMillan, Horn Jr., Coker, Metchie III, Legette |
| TE | Critical Progression Phase | Ja'Tavion Sanders | If no veteran is added, Sanders is positioned for a high-volume TE1 progression in Canales' system. | Sanders, Tremble |
| OL | Fortified Interior | Luke Fortner | Paired with Hunt and Lewis, Fortner will stabilize the interior and surprise as a consistent starter. | Ekwonu (Q), Walker, Moton, Lewis, Fortner, Hunt |
| DT | Cemented Among the Elite | Derrick Brown | Brown is on the verge of solidifying himself as an All-Pro player and I believe with the pieces added in free agency this is the year he does it. | D. Brown, B. Brown III, Wharton |
| EDGE | Second Season Breakout | Nic Scourton | The presence of Phillips and Derrick Brown allows for more 1-on-1 opportunities for Nic Scourton to wreak havoc. | Scourton, Phillips, Umanmielen |
| LB | Potential to Production | Trevin Wallace | Playing alongside Devin Lloyd allows Wallace to play faster and more instinctively; a top-tier room in the making. | Martin-Scott, Simmons, Lloyd, Wallace |
| CB | Flashes to Reliability | Corey Thornton | Thornton's flashes in 2025 indicate that he's ready to lock down that corner 3 position and provide reliable depth. | Jackson, Horn, Thornton |
| Safety | Step Up | Lathan Ransom | Ransom's instincts should allow him to overtake the starting role and provide stability at the safety position. | Scott, Moehrig, Ransom |
The Draft
The Panthers hold seven selections (No. 19, 51, 83, 119, 158 via Vikings, 159, 200) with no compensatory picks and no reported trades as of April 7th. Here is what I would do:
Primary Option: Kenyon Sadiq
If Sadiq is on the board at 19, you take him without hesitation.
Sadiq (6-3, 241 lbs) posted elite Combine numbers for the position: a 4.39 40-yard dash, 26 bench-press reps, and a 43.5-inch vertical. In 2025 he recorded 51 receptions for 560 yards and 8 touchdowns. On film he shows outstanding body control, route diversity, and the ability to create separation at all three levels of the field. He aligns in-line, slot, wing, or backfield and contributes as a willing run-game blocker.
In Dave Canales’ 11-personnel outside-zone scheme, Sadiq would give the Panthers a true mismatch weapon alongside Tetairoa McMillan. He functions as a safety valve, seam stretcher, and red-zone threat while opening space for younger receivers to develop. His versatility expands schematic options and adds a dimension the current tight end room (Tremble and Sanders) does not yet provide.
Secondary Option: Dillon Thieneman
If Sadiq is unavailable at 19, the Panthers should target Dillon Thieneman, safety out of Oregon. Thieneman (6-0, 201 lbs) ran a 4.35 40-yard dash and has been a multi-year starter. In 2025 he posted strong production with range, vision, and pursuit angles that allow him to cover ground from sideline to sideline. He tracks routes pre-snap, closes quickly in space, and shows reliable open-field tackling.
In Ejiro Evero’s defense he fits as a versatile three-down safety who can play deep, slot, or box roles. Safety depth is currently the roster’s clearest vulnerability; Thieneman would immediately upgrade that position with both coverage range and run support, giving the secondary a reliable star alongside Jaycee Horn and Mike Jackson.
Primary Target: Anthony Hill Jr., LB, Texas
Hill (6-2, 238 lbs) has shown advanced football IQ, efficient movement through traffic, sharp blitz timing, and the athleticism to hold up in coverage on passing downs. He projects as a Will linebacker who can stack and shed blocks, scrape to the ball, and contribute in all three phases.
In Ejiro Evero’s 3-4 scheme, Hill would pair naturally with Devin Lloyd to create two instinctive, athletic inside linebackers. The addition would give the Panthers a legitimate three-down linebacker room with both run-stopping presence and coverage flexibility.
Secondary Target: A.J. Haulcy, S, LSU
Haulcy (6-0, 215 lbs) ran a 4.52 40 and has stood out for ball-hawking instincts, strong pre-snap reading, and physicality in the box. He diagnoses routes quickly, finds the football, and delivers reliable open-field tackles.
If safety remains unaddressed after Round 1, Haulcy would provide an immediate contributor who can play deep or in the box. He adds playmaking ability and physical run support to a position group that still needs competition in a safety room with Lathan Ransom and Nick Scott.
Free Agent Targets
The 2026 free agency window is not closed. Several veterans remain available who could address Carolina's remaining positional needs at a price that fits the cap reality.
Calais Campbell, DT | Projection: 1 Year / $5 Million
Campbell will be turning 40 this season and has flirted with retirement for multiple offseasons. If he decides to play another year, Carolina is a logical fit. He remains one of the more effective interior disruptors still active, and the value he provides extends beyond the stat line. A veteran presence alongside a defensive line group that averages 24 years old in Phillips, Umanmielen, and Scourton carries real developmental weight. There is also familiarity between Phillips and Campbell from their time in Miami. The mentorship alone justifies the contract.
D.J. Reader, DT | Projection: 1 Year / $3.9M
Reader is a run-stopping defensive tackle who clogs gaps and commands double teams. He is not a pass-rush threat but that is not the need. The Panthers' interior already leans on Brown as the primary disruptor. Adding Reader alongside him would create consistent problems for opposing offensive lines and free up Phillips and Umanmielen to operate in cleaner one-on-one situations on the edge.
David Njoku, TE | Projection: 1 Year / $8.9M
Njoku's availability depends on his injury status and what kind of contract he is seeking. At 29, he is athletic and still carries the pass-catching upside that made him a featured weapon in Cleveland's passing game. If he is willing to take a team-friendly deal given limited market competition, this could be the most impactful remaining addition Carolina can make. A healthy Njoku next to Ja'Tavion Sanders would immediately change what Canales can do with 12 personnel. The uncertainty around his injury and contract demand is real, but at the right number this is a significant upgrade to the tight end room.
Darren Waller, TE | Projection: 1 Year / $3.7M-$5M
Waller came out of retirement to play for the Dolphins in 2025 and posted 6 touchdowns in just 9 games before injuries ended his season. At 33, the injury history is the risk and it is a legitimate one. But the red-zone production is real and the physical profile still works as a big-bodied, contested-catch option near the goal line. In a limited role alongside Tremble and Sanders, Waller does not need to be the primary option. He just needs to be available and healthy. At a low cost that reflects his age and durability concerns, this is a great signing for a team with a clear tight end need.
Von Miller, EDGE | Projection: 1 Year / $3M-$4M
Miller's best football is behind him and everyone in the league knows it. That is not the argument for signing him. The argument is that a defensive line group with players who haven’t unlocked their full potential yet would directly benefit from a former Defensive Player of the Year working alongside them in practice every day. Miller in a rotational role on a cheap one-year deal is a low-risk, high-mentorship addition to a young edge rushing group with significant upside. Bringing in a veteran who has already done what they are trying to become accelerates that development.
Bottom Line
The Panthers' 2026 offseason moves addressed several defensive and offensive needs while managing the cap situation. Free agency added targeted talent and the seven draft picks starting at No. 19 and 51 provide opportunities to fill remaining gaps at tight end, safety, and tackle depth. Bryce Young's statistical improvement from year to year is real and the roster construction around him reflects a front office with a defined plan. The defense has an identity now with Phillips, Lloyd, Brown, and Horn as the anchors. If Sadiq lands at 19 and Hill or Haulcy is available at 51, Carolina addresses its two most significant remaining needs with players who fit the scheme. The work Dan Morgan and the Carolina Panthers front office have done here is worth evaluating carefully.
Work Cited
Panthers Official News
Gantt, Darin. “Gradually, Then Suddenly: Panthers Moved Quickly and Patiently to Land Their Top Free Agent Targets.” Carolina Panthers, 16 Mar. 2026, https://www.panthers.com/news/gradually-then-suddenly-panthers-moved-quickly-and-patiently-to-land-their-top-free-agent-targets-jaelan-phillips-devin-lloyd.
ESPN Operations & Trackers
“Carolina Panthers 2026 Free Agency Tracker: Offseason Moves, Signings, Contract Trades.” ESPN, 6 Mar. 2026, https://www.espn.com/nfl/story/_/id/48089128/carolina-panthers-2026-free-agency-tracker-offseason-moves-signings-contract-trades. Accessed 7 Apr. 2026.
“Carolina Panthers Depth Chart.” ESPN, 2026, https://www.espn.com/nfl/team/depth/_/name/car. Accessed 7 Apr. 2026.
Pro Football Focus (PFF) Analytics
“Carolina Panthers: NFL News, Schedule, and Box Scores.” PFF, 2026, https://www.pff.com/nfl/teams/carolina-panthers/5. Accessed 7 Apr. 2026.
Spotrac Salary Cap & Transaction Records
“2026 NFL Free Agents: Carolina Panthers.” Spotrac, 2026, https://www.spotrac.com/nfl/free-agents/_/year/2026/team/car. Accessed 7 Apr. 2026.
“Carolina Panthers Salary Cap Overview.” Spotrac, 2026, https://www.spotrac.com/nfl/carolina-panthers/overview. Accessed 7 Apr. 2026.
