How the Panthers Got Devin Lloyd From Jaguars For Less Than Expected

The Carolina Panthers signed Devin Lloyd for less than expected, which makes it even more curious that the Jacksonville Jaguars didn't re-sign the All-Pro linebacker after a dominant year. They surely had concerns about his level of play not reaching that level every single season, but still.

If a superstar linebacker from your team is available for less than everyone expects, that feels like an easy re-sign opportunity. The Jaguars, per Lloyd himself, did make an offer, but he still signed with the Panthers.

So how did they manage to get him from the Jaguars without paying what everyone expected?

Panthers nabbed Devin Lloyd from Jaguars because of market history

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

The market dictates all in free agency. The Panthers' signing of Jaelan Phillips for $30 million annually helped influence other edge rusher contracts, and previous years of contracts helped seemingly influence the Devin Lloyd projections.

Because he was better in 2025 than Zack Baun and Fred Warner, the expectation was that, fair or not, he'd exceed their contracts, leading to a $20 million minimum projection for the Jaguars star. That obviously didn't happen.

How? Well, according to NFL agent Joel Corry with CBS Sports, that's how it always happens with star linebackers leaving their original teams. There's a sort of discount when the home team isn't paying, which feels wrong, but it's not.

Off-ball linebackers switching teams traditionally don't fare that well in free agency," Corry wrote. The unspoken reason here is because if the team that had the player in the building for multiple years wasn't willing to pay market value, then he likely isn't worth market value.

The Jaguars declined Lloyd's fifth-year option, so they didn't deem him worth almost $15 million before his breakout. Because of that, the Panthers could snag him up for $17 million, which is equal to the Zack Baun deal with the Philadelphia Eagles in year one of his contract.

Jacksonville Jaguars linebacker Devin Lloyd (0) during AFC practice at the NFL Flag Fieldhouse | Kirby Lee-Imagn Images

Essentially, the Jaguars helped hand-deliver Lloyd to the Panthers at a discount. They weren't willing to sign him to a high contract because of concerns they had, so that depleted the market right out of the gate.

The Panthers were able to swoop in and use that leverage to get him in the building for much less than anyone predicted. There were rumors of a bidding war that would start at his $20 million price tag, but nothing ever materialized.

In fact, the Panthers and Jaguars may have been the only teams to offer him a contract, and because the Jaguars didn't want to play the game, the Panthers came out as big winners.