Latest update shows Panthers really fleeced Cowboys in Jonathan Mingo swap

The Panthers got something for a player who may end up at the bottom of the depth chart.

Jul 26, 2025; Oxnard, CA, USA; Dallas Cowboys receiver Jonathan Mingo (81) at training camp at the River Ridge Fields. Mandatory Credit: Kirby Lee-Imagn Images | Kirby Lee-Imagn Images

The Carolina Panthers invested a lot in Jonathan Mingo in the 2023 draft. He was a pretty spectacular bust, and they moved on from him less than two full years into his NFL career. The second-round pick had done virtually nothing at the time the Panthers flipped him to the Dallas Cowboys.

Suffice it to say, getting a fourth-round pick out of a player so ineffective was a big surprise. It was viewed then as a huge win for the Panthers, but with another season on the horizon, the latest update out of Cowboys camp suggests that the Panthers really, truly, unequivocally won that deal.

Cowboys update cements Panthers fleece in Jonathan Mingo trade

As of Monday, Jonathan Mingo looks highly likely to be no better than the fourth wide receiver on the Dallas Cowboys roster. He's currently in a competition with Jalen Tolbert for WR3, but it is not probable that he wins that battle and moves up the depth chart, according to Joseph Hoyt.

Brian Schottenheimer said, if he had to list a depth chart today, Jalen Tolbert would be the No. 3 WR. He added he wants competition too.

On Tolbert: “He doesn’t get noticed out there sometimes, but he just does a great job in every phase.” pic.twitter.com/XTP7Y0hEl0

— Joseph Hoyt (@JoeJHoyt) August 4, 2025

Hoyt did clarify that what Schottenheimer had actually said was that Tolbert, Mingo, and Kevontae Turpin would get the first crack at the WR3 spot, but with how glowingly he spoke about Tolbert, it looks like Mingo is behind him at the very least.

Turpin, as the gifted return specialist, also has some open-field skills that might place him above the former Panthers WR on the depth chart. If so, that would mean the Cowboys traded a fourth-round pick for a fifth wide receiver.

Mingo probably needed a fresh start, but the Cowboys overpaid. Fortunately, the Panthers made good on the draft pick they got from Dallas as part of a really deep, impactful rookie class, only adding insult to injury for the Cowboys.

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