Jaelan Phillips' Exorbitant Panthers Contract Isn't As Bad As You Think

The Carolina Panthers paid Jaelan Phillips in every sense of the word. He earned $120 million across four years, with $80 million guaranteed. $30 million a year puts him eighth in terms of edge rusher salaries.

That's a lot for someone coming off of a five-sack campaign. It's a lot for someone with two major leg injuries in his first few seasons in the league. It's a lot for someone with a 1.9% sack rate, which ranks 28th among edges during his career.

Phillips generates pressure like few others, but $30 million is still $30 million. It seems like an overpay, one that carries a ton of risk. It certainly does have risk, but the money itself isn't as bad as it seems.

Jaelan Phillips isn't grossly overpaid when accounting for inflation

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

The Panthers may come to regret paying Jaelan Phillips so much money. He's never been a true sack artist, and he has a troubling injury history. You can't fault them for going big here, but it may not work out so well.

The Panthers had to pay a lot of money for two reasons. First, they were outbid at the very end on Milton Williams last year, and that really hurt them. Second, they're still not a destination team, so in some instances, they have to pay more to get the guys they want.

But even still, even as Phillips is set to make the eighth-most among edge rushers in 2026, the deal is not as bad as it seems. It's a result of the market and the upward rise of the salary cap. It's also about inflation.

"At $30 million per year, this is a big contract, but it's not the top of the market. Accounting for cap inflation, Phillips' deal is the 26th highest in terms of APY by an edge rusher since 2015, per OverTheCap.com," ESPN's Seth Walder wrote.

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

If the Panthers were signing Phillips to a contract in 2016 instead of 2026, the value would be very different even if the circumstances were identical. That's the nature of the free agent market. $30 million used to be elite QB money, and now that number is $50 million or more.

The same is true for edge rushers. The cost goes up all the time, and the Panthers are the unfortunate victim of that. However, it's unlikely they currently regret anything since they landed the prize they sought.