Carolina Panthers Splurge Again, Agree to Terms with Superstar LB Devin Lloyd

The Carolina Panthers opened the legal tampering window with an astonishing $120 million deal for edge rusher Jaelan Phillips. They have now closed the day with another surprising and major splash on defense: Devin Lloyd.

Sources to me and @RapSheet: The #Panthers have agreed to terms with LB Devin Lloyd on a three-year, $45 million deal with $25 million guaranteed Devin Lloyd. Deal done by his agents @AndreOdom and A.J. Stevens. pic.twitter.com/JLri1HHp83
— Mike Garafolo (@MikeGarafolo) March 10, 2026

Per multiple reports, the Panthers landed the linebacker at three years and $45 million, which is less than the $20 million expected price tag per year. In a sense, this is a steal, and it might make up for the seemingly slight overpay they made for Phillips.

The Panthers wanted to aggressively attack both linebacker and edge rusher in the offseason, but it is surprising that they were able to hit both in one day and with huge contracts. There's an argument these are the two best players at their positions, at least excluding Trey Hendrickson.

GM Dan Morgan is a former off-ball linebacker, and that position was terribly weak in 2025. Injuries hurt the group, but there was also a real lack of talent. That is no longer quite as big a problem with Lloyd in the building.

Lloyd was seen as the best linebacker on the open market and one of, including draft prospects, the best options for the middle of a defense available at all. The Panthers have stunningly fixed two major issues now.

What the Devin Lloyd signing means for the Panthers

Jacksonville Jaguars linebacker Devin Lloyd (0) during AFC practice | Kirby Lee-Imagn Images

The Devin Lloyd signing means the Panthers will now need to free up a ton of cap space. They came in with less than $20 million. They had yet to do any restructures, trades, or cuts to free up space, but they will have to now.

With Lloyd, Jaelan Phillips, and Kenny Pickett, the Panthers have spent up to $52 million in salary cap. Naturally, they didn't have that much going in, so there is work to be done.

This also changes the draft strategy. The Panthers needed to get an edge and a linebacker, and they were likely to use the first two picks in the draft to do so. Now, they don't have to.

This doesn't preclude them from getting either one, but other issues can move up the to-do list. Maybe they pursue a tight end, offensive tackle, or center earlier than they would have. Cornerback, safety, and others are very much on the board early, too.

This likely means the Panthers are done making splashes, too. It is a surprise that they made this Lloyd signing after getting Phillips, truthfully.