The Carolina Panthers have been busy over the past two days. And with the new league year set to begin at 4 p.m., general manager Dan Morgan’s free-agency wheeling and dealing might continue.
So far, the Panthers have agreed to terms with outside linebacker Jaelan Phillips, inside linebacker Devin Lloyd, backup quarterback Kenny Pickett, offensive tackle Stone Frosythe and center Luke Fortner. Those external deals can’t officially be signed until Wednesday afternoon.
In the meantime, Morgan has reached short-term pacts with a handful of internal free agents. The likes of Thomas Incoom, Akayleb Evans, David Moore and Isaiah Simmons will return in 2026.
But what’s to come in the minutes, hours and days ahead? Stay tuned to this Wednesday live tracker to get updates on all the moving and shaking in Carolina:
Derrick Brown’s contract restructured as expected
The Panthers restructured 2023 Pro Bowl defensive end Derrick Brown’s contract this week, a league source confirmed to The Charlotte Observer on Wednesday.
The team added two void years to the back of Brown’s contract and paid out the bulk of his 2026 base salary as a signing bonus. The signing bonus charge was then spread throughout the remainder of the deal — including the two void years — to open up $13.5 million in cap space, the source confirmed.
Spotrac, a salary-cap specialization website, was the first to report the restructure. According to the site’s initial report, $16.9 million of Brown’s base salary was converted into a bonus.
This move had been expected throughout the offseason, as Brown was a prime restructuring candidate. With a lofty base salary and a long-term outlook in Carolina, Brown made sense as a player to further invest in on the cap. His 2026 charge will now impact future seasons.
Brown won’t receive any additional money from the four-year, $96 million deal he signed in 2024, but he benefits from an immediate bonus payment, and the Panthers get cap room to pay for Jaelan Phillips and Devin Lloyd.
Between Brown’s restructuring and A’Shawn Robinson’s Tuesday release, the Panthers have opened up $24 million cap space ahead of the new league year.
Breaking down the Panthers’ free agency outlook so far
Agreed to terms: OLB Jaelan Phillips, ILB Devin Lloyd, QB Kenny Pickett, C Luke Fortner, OT Stone Forsythe
Re-signed: LS JJ Jansen, CB Akayleb Evans, CB Robert Rochell, DE LaBryan Ray, OLB Thomas Incoom, S Isaiah Simmons, WR David Moore
Pending restricted free agents (deadline to tender is at 4 p.m.): LB Claudin Cherelus, TE James Mitchell
Exclusive right free agents (can only negotiate with the Panthers): WR Jalen Coker, WR Brycen Tremayne
Unrestricted free agents: ILB Krys Barnes, G/T Brady Christensen, C/G Austin Corbett, G/T Jake Curhan, OLB Trevis Gipson, P Sam Martin, CB Damarri Mathis, OT Yosh Nijman, LB Christian Rozeboom, DB Nick Scott, OLB DJ Wonnum
Waived: DT Popo Aumavae
Agreed to sign elsewhere: C Cade Mays (Lions), RB Rico Dowdle (Steelers),
Projecting Panthers’ 2026 depth chart following big deals
Entering Wednesday, the Panthers have 60 players under contract. They also have the five external agreements with Phillips, Lloyd, Fortner, Forsythe and Pickett.
Below is a projected depth chart meant to show the roster as it stands entering Day 3 of negotiations:
(Note: New players in italics)
OFFENSE
QB: Bryce Young, Kenny Pickett/Andy Dalton
RB: Chuba Hubbard, Jonathon Brooks, Trevor Etienne, Montrell Johnson Jr., Anthony Tyus III
WR: Tetairoa McMillan, Jalen Coker, Xavier Legette, Brycen Tremayne, Jimmy Horn, David Moore, Dan Chisena, Ja’seem Reed, Ainias Smith
TE: Tommy Tremble, Ja’Tavion Sanders, Mitchell Evans, Bryce Pierre
LT: Ickey Ekwonu (injured), Stone Forsythe
LG: Damien Lewis, Ja’Tyre Carter, Joshua Gray
C: Luke Fortner, Nick Samac
RG: Robert Hunt, Chandler Zavala, Saahdiq Charles
RT: Taylor Moton
DEFENSE
DE: Derrick Brown, LaBryan Ray
NT: Bobby Brown, Cam Jackson
DE: Turk Wharton, Jared Harrison-Hunte
OLB: Jaelan Phillips, Princely Umanmielen, Thomas Incoom
ILB: Devin Lloyd, Bam Martin-Scott, Maz Mwansa
ILB: Trevin Wallace, Maema Njongmeta, Jared Bartlett, Jamil Muhammad
OLB: Nic Scourton, Pat Jones, Jacoby Windmon
CB: Jaycee Horn, Chau Smith-Wade (nickel), Akayleb Evans, Michael Reid
S: Tre’von Moehrig, Isaiah Simmons
S: Lathan Ransom, Demani Richardson
CB: Mike Jackson, Corey Thornton, Robert Rochell, Tyrek Funderburk
SPECIAL TEAMS
LS: JJ Jansen
K: Ryan Fitzgerald
P: N/A
Mike Kaye writes about the Carolina Panthers for The Charlotte Observer. He also co-hosts “Processing Blue: A Panthers Podcast” for The Observer. Kaye’s work in columns/analysis and sports feature writing has been honored by the North Carolina Press Association (NCPA). His reporting has also received recognition from the Associated Press Sports Editors (APSE).Kaye previously covered the entire NFL for Pro Football Network, the Philadelphia Eagles for NJ Advance Media and the Jacksonville Jaguars for First Coast News. Support my work with a digital subscription