Carolina Panthers Dubbed Huge Winners After NFL Free Agency Flurry

The Carolina Panthers are already a much-improved team from just a couple of days of free agency. Signing Devin Lloyd and Jaelan Phillips to $165 million contracts (during the legal tampering window, of course) will do that.

Adding Kenny Pickett as a backup quarterback, Luke Fortner at center, and re-signing some key special teams and depth pieces only helps. But the two big signings are what has already transformed this defense and this team.

And according to PFF, the Panthers are big winners in free agency because of that.

Panthers dubbed big winners for spending spree on defense

Philadelphia Eagles linebacker Jaelan Phillips (50) against the Detroit Lions | Eric Hartline-Imagn Images

PFF analyst Mason Cameron wrote an article about the big winners and losers from NFL free agency. The cover photo was of the Panthers' defense, so in other words, the Panthers may honestly be the biggest winners in the entire NFL.

To put it simply, the Panthers had needs at linebacker and edge rusher, as they were among the worst teams at those spots last year. Their defense improved, but it was hamstrung by awful linebackers and the absence of a pass rush.

"While the deal to acquire Phillips is a risk because of his extensive injury history, the team's need for a high-caliber pass rusher was evident. This past season, Carolina finished 31st in PFF pass-rush grade (60.5) and pressure rate (30.3%)," Cameron wrote.

PFF didn't love the contract for Phillips because of his low sack totals and the injury risk. However, his pressure profile and analytics, which is right up their alley, makes him a very intriguing addition, one that could end up being quietly excellent.

"He’s undoubtedly a potent pass rusher when healthy, ranking in the 91st percentile in pass-rush win rate (16.8%) over the past four seasons. Carolina’s young pass rushers, Nic Scourton and Princely Umanmielen, can learn a lot from the new addition as they head into year two," Cameron added.

But the most transformative signing was probably Devin Lloyd. He's on a much better value contract at $15M AAV, and he was the third-highest-graded linebacker in the entire NFL last year. That's a steal.

Jacksonville Jaguars linebacker Devin Lloyd (0) reacts to a fumble recovery next to cornerback Montaric Brown | Corey Perrine/Florida Times-Union / USA TODAY NETWORK via Imagn Images

"[He] profiles as a strong center piece for a Panthers defense that struggled mightily at the position, failing to field a single player with a PFF overall grade above 55.0. The former Jaguar’s all-around game resulted in PFF grades above 80.0 in each major defensive facet in 2025," Cameron concluded.

The Panthers were abysmal in coverage across the middle, but Lloyd will change that. And as much as their run defense improved, it was still mediocre, and Lloyd will change that, too. That addition shores up two weaknesses, and Phillips should help the other major weakness.

Suddenly, this Panthers defense isn't looking too bad, and it's all because of two major signings. No wonder the Panthers are the big winners in free agency.