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NFL Free Agency Grade: Devin Lloyd Agrees To $45M Steal With Panthers

Devin Lloyd signs with Carolina on Monday night and completely changes the Panthers defense
Preston Palm|
Jan 11, 2026; Jacksonville, FL, USA; Jacksonville Jaguars linebacker Devin Lloyd (0) runs on the field before an AFC Wild Card Round game against the Buffalo Bills at EverBank Stadium. Mandatory Credit: Nathan Ray Seebeck-Imagn Images
Jan 11, 2026; Jacksonville, FL, USA; Jacksonville Jaguars linebacker Devin Lloyd (0) runs on the field before an AFC Wild Card Round game against the Buffalo Bills at EverBank Stadium. Mandatory Credit: Nathan Ray Seebeck-Imagn Images | Nathan Ray Seebeck-Imagn Images

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Carolina PanthersJacksonville Jaguars

The Carolina Panthers are one of the big winners of the first day of free agency, starting the day with the blockbuster signing of Jaelan Philips, which surprised the whole league, and now with the Panthers’ latest signing, linebacker Devin Lloyd, formerly of the Jacksonville Jaguars. 

Devin Lloyd agreed to a deal with the Panthers on Monday night. It was announced around 10 PM last night that Lloyd is signing a 3-year, $45 million deal, with $25 million guaranteed.

With GM Dan Morgan clearly prioritizing the defense and going all-in this offseason, Lloyd joins the Panthers and could very well be the green dot guy for this Panthers defense. 

How Devin Lloyd Makes the Panthers Better

The Panthers linebackers struggled in coverage last season, that will not be the case next season now that Devin Lloyd is a Panther, Lloyd thrived in coverage, constantly breaking up pass plays and picking off passes as well. 

Lloyd was tied for a league-best five interceptions from the linebacker position, and tied for second most in the NFL across all defensive players. For even more context, Lloyd had as many interceptions as Panthers star corner Jaycee Horn had; that’s how great he was in coverage. 

Lloyd also had 35 solo tackles for the season last year. He also elevated as a pass rusher in 2025, with 28 pressures, which makes the signing even better since the Panthers had so much trouble generating pressure against opposing QBs.

Devin Lloyd’s contract value

Coming off a season where Devin Lloyd was one of the best linebackers in the NFL, there were projections that had him signing a 3-year $60 million deal rather than the 3-year $45 million deal he signed last night with the Panthers.

Signing Lloyd to a $15 million a year deal was a huge win for the Panthers, especially after signing Jaelan Phillips to a deal that most saw as slightly overpaying based on Phillips’s injury history. 

After a 2nd team all-pro season from Lloyd, $15 million a year is a steal. That’s the same amount of money per year that guys like Nick Bolton (Chiefs) and Jamien Sherwood (Jets) are making per year; both of them combined for one interception in 2025. 

Devin Lloyd To Panthers Grade

Devin Lloyd after an interception
Dec 7, 2025; Jacksonville, Florida, USA; Jacksonville Jaguars linebacker Devin Lloyd (0) and Jacksonville Jaguars safety Eric Murray (29) celebrate after an interception against the Indianapolis Colts during the first half at EverBank Stadium. Mandatory Credit: Matt Pendleton-Imagn Images | Matt Pendleton-Imagn Images

Signing Lloyd to a deal that feels low for how good he was in 2025 is the perfect scenario for Carolina, and makes up for slightly overpaying for Jaelan Phillips, even though he was just as needed as Lloyd was. The Panthers now have elite pieces on all three levels of their defense. Grade: A-

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Preston Palm
PRESTON PALM

Preston is an experienced sports writer focusing on NFL, College Football, NBA, and MMA topics. He is a passionate Charlotte and Oklahoma sports fan and graduated from the University of Science and Arts Oklahoma in 2025 with a Bachelor of Arts in Communications degree with a focus in journalism.