Carolina Panthers Made the Most Perfect Signing of Free Agency

The Carolina Panthers signed Devin Lloyd to a three-year, $45 million deal. For one thing, doing that after signing Jaelan Phillips to a four-year, $120 million deal is shocking, but the value for Lloyd is incredible.

From a value perspective, Lloyd's deal is one of the best in the NFL. From a talent perspective, Lloyd was one of the best free agents available at an important position. Add it all up, and you can see why PFF believes it's one of the best moves so far, and it might honestly be the top one.

Devin Lloyd to the Panthers is the best move any team has made

Jacksonville Jaguars linebacker Devin Lloyd (0) runs on the field before an AFC Wild Card Round game | Nathan Ray Seebeck-Imagn Images

The Panthers needed a linebacker more than anyone in the NFL. They landed the best one in free agency. They paid under what he was expected to make, saving about $5 million in the process. It was a stellar move.

PFF's Mason Cameron listed it as one of the five best things any team has done so far. Lloyd does it all, and the Panthers need it all.

"[He is] capable of making plays in each facet on defense. He closed out a career year in 2025 by ranking above the 90th percentile in PFF coverage grade (78.9), PFF run-defense grade (85.2) and PFF pass-rush grade (81.8). It was his third consecutive season with a PFF overall grade above 76.0," Cameron argued.

Cameron continued, "The move to acquire Christian Rozeboom last offseason amounted to little, as no Panthers linebacker eclipsed a 55.0 PFF overall grade in 2025." Plus, the valus comes in $1 million less than PFF expected and $5 million less than other market projections. It's a steal.

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

Now, PFF didn't rank the moves in their list. They just included five really good moves made so far, but still, Lloyd joining the Panthers is the best move, and it's honestly not terribly close.

Trey Hendrickson is a costly player who's bad against the run, and the Ravens paid him $28 million a year. Not bad for a premium edge rusher, but he's also 31 and not getting any younger.

The Rams signing Jaylen Watson fills a need, but they just spent big on extending Trent McDuffie after sending over a haul of draft picks. The money could've been better spent elsewhere or more spread around since the need was mostly addressed.

The Steelers trading for Michael Pittman Jr. is a good move, but it cost them some draft capital and Pittman was then extended for three years and $59 million. That's now $57 million in one season for DK Metcalf and Pittman, which isn't a world-beating duo.

The Bryan Cook deal by the Bengals is a very good deal and has so few drawbacks, but safety is much less valuable of a position than linebacker, which gives Lloyd the edge there.