Grading the Carolina Panthers’ first week of free agency: Dan Morgan reels in multiple big fish that can put him on the league podium
The first week of free agency was a great start to the offseason for the Carolina Panthers.
It was quite the eventful first week of free agency for Carolina Panthers. General manager Dan Morgan wasn’t afraid to take some big swings after missing out on top players last offseason and if the first week of free agency was a fishing tournament, Morgan would be taking home a trophy for the work he’s done improving the team over the last seven days.
The Panthers continue to prove they have turned the corner as a legit threat in the NFC and got tremendously better after winning the NFC South title in 2025. Here’s the team’s full haul of external additions from the first week of 2026 free agency:
- EDGE Jaelan Phillips
- LB Devin Lloyd
- QB Kenny Pickett
- OT Rasheed Walker
- C Luke Fortner
- WR John Metchie
- OT Stone Forsythe
The best parts of the Panthers’ first week of free agency
Devin Lloyd was easily the crowning achievement for Dan Morgan from last week. Many expected the Panthers to go big-game hunting on defense and the first splash with Jaelan Phillips led many to believe the Panthers would turn around and bargain hunt at linebacker.
Instead, Morgan let the market play out perfectly. Quay Walker ($13.5 million APY), Tremaine Edmunds ($12 million APY), Nakobe Dean ($12 million APY), and Demario Davis ($11 million APY) all agreed to deals early on Monday allowing the price to drop for Lloyd, who was easily the top inside linebacker on the market. Carolina was able to sign him for $15 million per year when his initial market suggested he should get closer to $20 million per year.
The other tremendous value play was waiting out the left tackle market. Following Ickey Ekwonu’s knee injury, the Panthers needed a starting option for 2026 and were already without the ideal option when Yosh Nijman announced his retirement.
On Friday, the Panthers finally hooked the line on a left tackle and reeled in the top free agent option in Rasheed Walker on a one-year, $10 million deal. Walker was a adequate starter for the Green Bay Packers and expected to have a much more lucrative market as well. Landing in Carolina for one year is still a win-win for both sides and can allow Walker to hit the market again next offseason.
Biggest concern about the Panthers’ first week of free agency
I don’t fault the process at all when it came to swinging big for a impact pass rusher. It’s an area Morgan said was “not acceptable” after the 2025 season and you can tell letting Milton Williams off the line last offseason still eats at him. He wasn’t going to let that happen again, for better or worse.
All of which led to the Panthers throwing a four-year, $120 million deal at Jaelan Phillips with $80 million in guarantees. It’s a massive contract and an even bigger gamble for Carolina. Phillips was getting that kind of money regardless but his injury history makes this kind of deal concerning.
Phillips had consecutive season-ending injuries in 2023 (Achilles) and 2024 (ACL) with the Miami Dolphins before getting traded to the Philadelphia Eagles. Among all edge rushers, Phillips now ranks sixth in total value, eighth in average per year, sixth in total guarantees at signing. The Panthers paid up for a Top-10 edge rusher and now have to bank on getting a Top-10 edge rusher on the field.
Other pressing thoughts on the Panthers’ free agent signings
There was a lot of late links surrounding Kenny Pickett’s name and the Panthers, so it wasn’t a surprise to see that deal come together. Morgan wanted a younger, more athletic quarterback behind Bryce Young and landed one with starting experience under his belt. The downside is that Pickett is set to join his fifth NFL team and at this point you know what you’re getting in Kenny Pickett. I personally would have rather added a younger, more developmental option with a bigger arm, like Zach Wilson or Trey Lance. Now we wait to see what Morgan does with Andy Dalton.
The signing of Luke Fortner is a sneaky move I really liked. He was one of the four predictions I had going into free agency and the Panthers got him cheaper than I expected, and way cheaper than the going rate for other centers on the market. He’s coming off the best season of his career in the NFC South and has plenty of starting experience.
Signing Stone Forsythe is simply a move to please head coach Dave Canales and honestly just throwing money away. Forsythe isn’t a capable NFL player but had experience playing with Canales with the Seattle Seahawks. At best, he’s the replacement backup for Nijman. At worst, he doesn’t even make the cut ahead of the regular season.
And finally, the wide receiver room is looking really really fun. Tetairoa McMillan is a stud in the making, Jalen Coker is officially back in the fold and set to earn an extension soon, Xavier Legette is hoping for a Year 3 bounce back, and Bryce Young gets to reunite with his former college teammate in John Metchie. Brycen Tremayne was another player the Panthers needed to keep for his special teams impact and of course Canales weaseled his way into bringing back David Moore.
Final Grade: A
Carolina Panthers News
National media outlet says the Panthers made one of best moves in the NFL during the first wave of free agency
The Carolina Panthers have made some big-time free agent moves this week.
