How Can Panthers Afford Massive Deals for Jaelan Phillips, Devin Lloyd?

The Carolina Panthers entered the legal tampering window on Monday with about $10.2 million in cap space. In less than 24 hours of action, they have spent up to $52 million.

They agreed to terms with Jaelan Phillips ($30M annually), Kenny Pickett (up to $7.5M), and Devin Lloyd ($15M). That adds up to a whole lot more than the $10.2 million they had. In other words, they are not in cap compliance.

Teams must be in cap compliance by Wednesday, March 11 at 4 pm ET, which is when the League New Year begins. So to answer the title question, the Panthers cannot afford these deals. They don't have to just yet, though.

How will the Panthers afford Devin Lloyd and Jaelan Phillips?

Philadelphia Eagles linebacker Jaelan Phillips (50) walks off the field after win against the Las Vegas Raiders | Eric Hartline-Imagn Images

There are tons of different ways for the Panthers to free up cap space. We don't know the inner workings of the contracts they agreed to terms with Devin Lloyd and Jaelan Phillips on. They could be heavily backloaded.

The Panthers opted to wait and see what cap moves they'd need to make. If they struck out on Phillips and Lloyd, they wouldn't need to get creative. Now, they do, and when they're presumably done spending by Wednesday afternoon, they'll know exactly how much cap to free up.

They can restructure Derrick Brown and Jaycee Horn. They can also cut Tommy Tremble and A'Shawn Robinson. That will free up $54 million. That's not all, though.

The Panthers will be moving on from Andy Dalton, and that's another $2 million. They're highly likely to cut Pat Jones, too, and he'll free up $4.75 million. An extension for Mike Jackson could save $3.25 million. Extending Damien Lewis would free up $9 million.

Carolina Panthers quarterback Andy Dalton (14) warms up before the game against the New Orleans Saints | Matthew Hinton-Imagn Images

There are moves to be made, and while the free agency frenzy is still in full swing, the Panthers should probably sit the rest of it out, except for minor additions, and start working on freeing up cap space.

Contracts cannot be signed until Wednesday at 4 pm ET, so the Panthers will want to have all their ducks in a row before then so they do not risk losing either Phillips or Lloyd, two players they desperately need.

And if they do all that above, they can free up to $70 million in space, which might lead them to add a few more pieces. But until then, we can't expect any more stunning blockbusters by Dan Morgan and company.