Grading Panthers’ first wave of free agency: Phillips, Lloyd stabilize defense
The Carolina Panthers weren’t afraid to spend heavily on defensive upgrades during the first wave of free agency.
Following an NFC South-winning campaign in 2025, it was clear the team needed to attack the defense in the offseason and make the unit better across the board. And general manger Dan Morgan didn’t flinch.
The third-year GM and football operations executive Brandt Tilis gave outside linebacker Jaelan Phillips and inside linebacker Devin Lloyd a reported combined $105 million in guaranteed money on Monday. Phillips will make an annual salary of $30 million over four years, while Lloyd will average $15 million per season over three campaigns.
That’s a massive investment for two players. But it’s also a huge part of a solution for years of inconsistent, and sometimes inept, play at two important positions.
With that said, let’s grade the front office’s work from the first three days of free agency:
Jaelan Phillips: The do-everything edge defender
The Phillips deal is eye-opening. At a $30 million annual average, Phillips is making more than Josh Hines-Allen ($28.3 million), Brian Burns ($28.2 million) and Nik Bonnito ($26.5 million) per season.
That’s a significant financial investment for a player who has had two major lower-body injuries — ruptured Achilles in 2023 and torn right ACL in 2024 — in a five-year career, especially when he’s never topped the 10-sack mark in a single campaign.
Based on his body of work to this point, the Panthers overpaid Phillips. That said, it’s rare to not do that on a top-of-market player at a premium position on the first day of negotiations. If a team wants a guy of that magnitude, they need to land the plane by offering top dollar.
Financially, this is a massive risk with $80 million guaranteed to Phillips. There’s no way of getting around that — especially with his injury history.
Still, from a fit standpoint, it’s hard to find a better scheme-satisfying option — especially at his talent level — than Phillips on the open market. Yes, they gave him a boatload of cash, but they also have a ton of tape from his work in a similar scheme to feel pretty good about his outlook on Mint Street.
Phillips isn’t a designated pass rusher. That’s not what defensive coordinator Ejiro Evero wants in his outside linebackers. He wants them to be able to move around, play in coverage and stop the run, too.
Think about how many times Evero had D.J. Wonnum and Nic Scourton drop into coverage down the stretch of last season. Or how much he tried to move Scourton and Patrick Jones inside in specific packages throughout the year. Phillips is more than capable of being used in both strategies.
Phillips can match with tight ends in coverage. He can set the edge and play the run effectively. He’s terrific at creating pressure (73 total pressures last season, per Pro Football Focus), even if he’s not a sack hoarder (28 career sacks). And his ability to force quarterbacks out of the pocket can help others produce sacks, interceptions and forced fumbles.
Also, at just 26, he still has upside worth exploring.
After being an effective all-around tool for Vic Fangio in Miami and Philadelphia, Phillips is set up for a similar situation in Carolina. Evero’s system stems from Fangio’s philosophies, and Phillips should have little issue hitting the ground running.
Now, he just needs to stay healthy.
Grade: B
Devin Lloyd: The centerpiece for improvement
Lloyd, throughout the first two months of the offseason, seemed like the most logical target for the Panthers in free agency. He fit their scheme, spending philosophy and intangible check list.
The Panthers wanted to get faster on defense and create more turnovers. Lloyd, coming off his first Pro Bowl campaign, produced five interceptions last season. He matched fellow Pro Bowl selection and new teammate, cornerback Jaycee Horn, in picks at the linebacker position.
Lloyd is known for his ability to match with running backs and tight ends in coverage. He is able to lock onto his assignment for minimal gains in space. He’s also a pretty sound blitzer, which is a trait that Evero will take advantage of regularly. Lloyd can impact the passing game in a way that few modern-day inside linebackers do. He’s also not too shabby against the run.
The Panthers have made up ground with their roster by targeting top-tier talent at non-premium positions in free agency. Guards Robert Hunt and Damien Lewis instantly made the offensive line better in 2024. Safety Tre’von Moehrig helped improve the secondary immediately in 2025.
Inside linebacker isn’t considered a premium position by most teams. That’s partially why Lloyd’s reported three-year, $45 million deal was such a bargain. He costs less than Moehrig (three years, $51 million) did last offseason. And the Panthers’ inside linebacker depth chart is considerably better, on paper, for it.
Lloyd, a former first-round pick, has a notable pedigree with a second-team All-Pro selection on his resume. He’s fast (4.66-second 40-yard dash in 2022) and long (33-inch arms). And he’s been the alpha middle linebacker on a playoff team as recently as last year.
Grade: A
Luke Fortner: A new veteran in the middle
With Cade Mays headed to Detroit, and Austin Corbett still in free agency limbo, the Panthers added a fresh face at center.
Luke Fortner — a 2022 third-round pick of the Jacksonville Jaguars — has had an up-and-down career. He was an immediate starter during his time in Jacksonville but was benched entering his third season in 2024. Fortner was then traded to New Orleans last season.
The 6-foot-4, 307-pound lineman only started 10 of his 17 games with the Saints, but clearly, the Panthers liked what they saw. Fortner is three years younger than Corbett, and he’s considerably less expensive than Mays.
Nick Samac was the Panthers’ only center under contract entering free agency. Fortner, given his considerable experience, will be seen as the favorite to start at the position entering the draft. However, his signing doesn’t preclude the Panthers from investing a pick in a center prospect in April.
Fortner has a “prove it” deal. If he wins the starting job and performs well, the Panthers will reward him. If he falters, the Panthers will have an experienced backup at center. Either way, there’s limited risk on a one-year pact.
Grade: B
Kenny Pickett: The new (younger) backup
The Panthers wanted to get younger at backup quarterback, and they accomplished their mission on Monday with the addition of Pickett. The 2022 first-round pick has now joined his fifth team in five seasons after a forgettable 2025 in Las Vegas.
Pickett is more than a decade younger than longtime backup Andy Dalton. He’s also more athletic at this point in their respective careers. The 27-year-old passer isn’t really dynamic in any facet of his game, but he is more than capable of leading an offense in a spot start here or there.
In a way, Pickett’s addition feels like a jarring course correction following Dalton’s miserable performance against the Buffalo Bills last year. Dalton was immobile in the blowout loss to Buffalo, and clearly, the Panthers wanted someone who could match, or at least simulate, starter Bryce Young’s fluidity in the pocket.
Pickett, if anything, can check that box.
Still, the Panthers have guaranteed Dalton $2 million this season. So, to add Pickett’s reported $4 million pact to the pile means the Panthers are paying $6 million for the backup position this year — barring a Dalton trade, which would save roughly $2.15 million before June 1 or $4 million after, according to Over The Cap.
Pickett’s one-year deal doesn’t preclude the Panthers from taking another quarterback in the later rounds of the draft. In fact, if anything, it shows the merit of developing a young, cheap backup behind the scenes for the long-term future.
Grade: C
Stone Forsythe: A depth signing in the trenches
The Panthers entered free agency with just two offensive tackles under contract: Ickey Ekwonu and Taylor Moton. Both players are starters, and Ekwonu is coming off patellar surgery.
Bottom line: The Panthers needed to add to the position in free agency.
Stone Forsythe, a five-year veteran, was brought in on a one-year pact (worth $2 million with $1.05 million guaranteed, according to KPRC’s Aaron Wilson). After starting 13 games for the Las Vegas Raiders last year, Forsythe at least has enough experience to compete for a swing tackle job in the summer.
That said, his showings last year left a lot to be desired. Pro Football Focus charged him with 11 sacks allowed in 2025.
Forsythe has a bit of a background with Panthers coach Dave Canales from their shared time in Seattle. The 2021 sixth-round pick crossed paths with Canales before he took the offensive coordinator job in Tampa Bay in 2023. Maybe that background will give Forsythe a leg up in an offseason competition.
At this point, though, it’s clear this move was made for depth purposes. Forsythe shouldn’t be the first man up when it comes to Ekwonu’s recovery timeline.
Unfortunately for Carolina, veteran lineman Yosh Nijman announced his retirement on Wednesday evening after becoming an unrestricted free agent. The other options in free agency are quite limited.
Grade: D+
John Metchie: Worth a flier for QB1
The Panthers want their fourth-year quarterback to succeed in 2026. And if he can do that, he’ll get paid handsomely.
Wednesday’s addition of former Alabama wide receiver John Metchie seemingly plays into that outlook.
Young and Metchie go back to their time with the Crimson Tide, when both shined together in 2021. Adding a familiar face to a developing wide receiver room should only help Young’s comfort within the offense.
Metchie is a strong route runner. And while he’s not a burner, he is shifty and quick enough to get yards after the catch, an element that has been missing from the receiver room — from a consistency standpoint — over the past few years.
The Panthers can use Metchie in the slot when they want to have Tetairoa McMillan and Jalen Coker on the outside. Metchie can also compete for kick returner reps with running back Trevor Etienne.
He’s also got the talent and pedigree to creep up on the depth chart, especially with questions surrounding former first-round pick Xavier Legette.
This is a logical flier move by the front office.
If he doesn’t work out, no big deal. If he thrives, Young should, too.
Grade: B+
Internal comings and goings
The Panthers also used the first wave of free agency to reinforce their positional depth with quantity.
The team quickly reached new deals with defensive backs Akayleb Evans and Robert Rochell on Monday. On Tuesday, the team brought back wide receiver David Moore, outside linebacker Thomas Incoom, safety Isaiah Simmons and defensive end LaBryan Ray on short-term deals.
Evans, Simmons and Incoom are standouts on special teams. Incoom, in particular, was voted by his teammates as the special teams MVP of 2025. Simmons worked exclusively at safety down the stretch last season, and he could contribute on defense during his second year in the system.
The team also agreed to terms on a pair of one-year deals with veteran outside linebacker Trevis Gipson and tight end James Mitchell on Wednesday. Gipson and Mitchell will provide experienced depth in their respective position rooms. Gipson, in particular, could be counted on regularly in 2026.
The team also, as expected, released defensive lineman A’Shawn Robinson to open up $10.5 million in cap space. The move will help facilitate the team’s external and internal signings during the first wave. Robinson was productive in his two seasons with the Panthers, but the cap outlook gave them little choice but to move on.
Carolina also lost Mays to the Lions and running back Rico Dowdle to the Pittsburgh Steelers. Nijman’s retirement was a surprising twist for the Panthers’ offensive line depth chart.
Grade: B
Overall first-wave grade
In theory, the Panthers have significantly improved at outside and inside linebacker this week. They’ve also brought in a durable and experienced center, who is likely to start. Metchie was a worthwhile swing, and Pickett can do the job he’s signed up for with limited drama.
The team took care of its depth while retaining several familiar faces. Simmons, Evans and Incoom will be core assets on special teams with some defensive upside.
The Panthers should feel pretty good about the bulk of what they’ve accomplished during the first three days of negotiations.
First-wave grade: B
This story was originally published March 12, 2026 at 5:30 AM.
