Dan Morgan Is Not Messing Around
The Carolina Panthers went 8-9 in 2025, won the NFC South, and lost to the Los Angeles Rams 34-31 in the Wild Card round. It was the franchise's first playoff appearance since 2017 and Bryce Young's first playoff start — 21-for-40, 264 yards, a passing touchdown, a rushing touchdown, and enough flashes to convince the front office that this roster is worth investing in.
General manager Dan Morgan responded with the most aggressive free agency period the Panthers have had in years. The message: this team is not rebuilding. This team is reloading.
Here is every move, updated as signings happen.
Major Signings
Jaelan Phillips, Edge — 4 years, $120 million ($80M guaranteed)
The headliner. Phillips ranked ninth in the NFL in quarterback pressures in 2025 with 73, and Morgan made it clear that pass rush was priority number one. "The quarterback pressure we generated last year was not acceptable," Morgan said. Phillips is an immediate upgrade who changes the math for every offensive coordinator in the NFC South.
What it means for Charlotte: This is the kind of signing that signals a front office believes it has a championship window. $80 million guaranteed to an edge rusher says Dan Morgan thinks Bryce Young is the guy.
Devin Lloyd, Linebacker — 3 years, $45 million
Lloyd fills the other defensive hole — an inside linebacker who can drop into coverage and stop the run. The former first-round pick (No. 27 overall, 2022) brings sideline-to-sideline speed and instincts that the Panthers' linebacker corps has been missing.
What it means for Charlotte: Phillips and Lloyd together represent $165 million in defensive investment. The Panthers are building a defense that can carry this team while Bryce Young continues to develop.
Rasheed Walker, Offensive Tackle — 1 year, up to $10 million
Walker started at left tackle for the Green Bay Packers for three seasons. He's a proven starter who provides insurance and competition on an offensive line that still needs work. A smart, low-risk addition.
Kenny Pickett, Quarterback — 1 year, $7.5 million ($4M guaranteed)
The former Pittsburgh Steelers first-round pick comes to Charlotte as the backup to Bryce Young. Pickett provides legitimate insurance — he's started NFL games, he knows how to run an offense, and he's motivated to rebuild his value on a prove-it deal.
What it means: The Panthers believe in Bryce Young. They also know that one injury away from the backup means you need a real quarterback behind the starter. Pickett is that.
AJ Dillon, Running Back — 1 year
With Rico Dowdle gone to Pittsburgh, the Panthers needed a replacement. Dillon — the physical, downhill runner from Green Bay — provides the between-the-tackles presence that complements the Panthers' offensive scheme.
Stone Forsythe, Offensive Tackle — 1 year
Injury insurance on the offensive line. A depth signing that reflects the reality that you can never have too many linemen in the NFL.
Re-Signings and Extensions
| Player | Position | Deal |
|---|---|---|
| Trevis Gipson | OLB | Re-signed |
| James Mitchell | TE | Re-signed |
| Akayleb Evans | CB | 1-year deal |
| Robert Rochell | CB | 1-year deal |
| Nick Scott | S | 1-year deal |
| Jalen Coker | WR | Tender offer (March 4) |
| Brycen Tremayne | WR | Tender offer (March 4) |
The cornerback and safety re-signings maintain continuity in a secondary that improved significantly in 2025. Tendering Coker and Tremayne keeps the wide receiver room intact around a young core.
Departures
Cade Mays, Center — to Detroit Lions (3 years, $25M / $14M guaranteed)
The biggest loss. Mays was the anchor of the offensive line and leaves a hole that the Panthers will need to address — likely in the draft.
Rico Dowdle, Running Back — to Pittsburgh Steelers
Dowdle had back-to-back 1,000-yard rushing seasons in Carolina. His departure stings, but the Panthers clearly decided to invest their money in defense rather than pay top dollar for a running back. AJ Dillon is the replacement.
A'Shawn Robinson, Defensive Line — Released
The Panthers released Robinson and saved $10.5 million in cap space. That money went directly toward the Phillips and Lloyd signings.
What's Left to Do
The Draft (April 24-26): The Panthers' biggest remaining need is center — Cade Mays' departure leaves a gap that free agency hasn't filled. Offensive line depth, a developmental wide receiver, and defensive line rotation pieces are also on the board.
Remaining cap space: After the Phillips and Lloyd signings, the Panthers are working with limited but manageable cap room. Don't expect another splash signing — the remaining moves will be veteran minimums and practice squad depth.
Bryce Young's extension: The elephant in the room. Young finished 2025 with 3,011 yards, 23 touchdowns, and 11 interceptions — his best season. The Panthers picked up his fifth-year option and are reportedly discussing a long-term extension. The timeline on that conversation will shape the Panthers' cap strategy for years.
The Big Picture
The 2025 Panthers won a division with a losing record. That's not a championship team — and Dan Morgan knows it. But it is a team with a young quarterback who just made his first playoff start, a defense that's about to add $165 million in talent, and a front office willing to be aggressive.
The Phillips and Lloyd signings aren't about 2026 alone. They're about building a defense that can compete for an NFC South title for the next four years while Bryce Young grows into the franchise quarterback the Panthers drafted him to be.
Charlotte hasn't hosted an NFC Championship Game since January 2016. Morgan is building a roster that could change that.
Update Log
March 20 — Initial tracker published. Major signings: Jaelan Phillips (4yr/$120M), Devin Lloyd (3yr/$45M), Rasheed Walker, Kenny Pickett, AJ Dillon. Key departures: Cade Mays, Rico Dowdle, A'Shawn Robinson.
This tracker is updated as new signings, trades, and roster moves are announced. Bookmark it.
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