Why Panthers’ Jaelan Phillips Actually Is the Most Overpaid Edge in the NFL

The Carolina Panthers stunned the world when they opened free agency by signing edge rusher Jaelan Phillips for four years and $120 million.

This was stunning for so many reasons. $120 million? The Panthers have that much money? Phillips is worth that much? All these questions and more popped up after the signing.

And while we certainly believe that Phillips was a crucial addition that should totally unlock the Panthers' pass rush, we can also agree with Bleacher Report analyst Moe Moton when he says Phillips is now the most overpaid edge in the NFL.

Jaelan Phillips is overpaid, but that's not the end of the world for Panthers

Philadelphia Eagles linebacker Jaelan Phillips (50) looks on during warmups p — Philadelphia Eagles linebacker Jaelan Phillips (50) looks on during warmups | IMAGN IMAGES via Reuters Connect

Edge rushers are viewed as the second-most important player on an NFL team. Outside of the QB, they have the best chance to totally change a game, so they come at a premium price.

Despite that, $30 million AAV for Jaelan Phillips is a tough pill to swallow. He's an analytics darling with consistently high pressure rates when he's on the field, but that isn't all the time, and he doesn't convert those pressures to sacks.

All of this makes the Phillips signing a risk, and when there's risk associated with the biggest contract handed out in all of free agency by any team, it's easy to say Phillips is overpaid. In fact, B/R's Moe Moton claims he's the most overpaid edge in the league.

The Panthers probably don't care, because they made a calculated bet on Phillips. They're fully aware that he has an injury history and low sack totals. They're banking, literally, on his pressure rates helping out everyone on that defensive line.

It's the same bet the Philadelphia Eagles made when they traded for him last year, and they won that bet. The Panthers are likely to do the same, but until we see the fruits, that $120 million contract is a scary sight.

Phillips, based on his 2026 salary, is the fourth-highest-paid edge rusher. He's not a top-four edge rusher in talent or production, though. That's where "overpaid" comes into play, but it doesn't mean he's a bad player.

Several factors make Phillips overpaid:

He signed after the salary cap grew
He's still young
The Panthers had a tremendous need for an edge rusher
Phillips has a good analytics profile
He has a track record of transforming pass rushes

Philadelphia Eagles linebacker Jaelan Phillips (50) walks off the field | IMAGN IMAGES via Reuters Connect

The production that Phillips has in his career, with zero double-digit sack seasons, does not demand such a big contract. But the Panthers' desperate need for an edge rusher did.

Moton called it a logical move for the Panthers, so it's not like anyone's saying this was a bad signing or that the Panthers will regret it. In fact, Moton argues that, no matter what happens, they won't regret going for it here.

"Carolina won't regret taking a swing at a top edge-rusher on the free-agent market, but it's odd to see that Phillips will earn more in cash than star edge-rushers Danielle Hunter, Will Anderson Jr., T.J. Watt and Maxx Crosby this year," Moton wrote.

It's hard to disagree, but when the season rolls around, it's unlikely anyone will consider him overpaid or a risky signing.

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