Everything you need to know about Carolina Panthers free agency: Cap space, needs, more
The Carolina Panthers will look to improve their roster this week as they head into free agency under new leadership.
New general manager Dan Morgan and head coach Dave Canales will get to shape the roster in their own image following two years of roster and coaching staff shuffles.
With “legal” tampering set to begin on Monday at noon, and actual free agency marked for 4 p.m. on Wednesday, the NFL business season is about to pick up, and Carolina needs a sound plan to improve from a 2-15 campaign in 2023.
Here is everything you need to know entering 2024 free agency for the Panthers:
Roster needs
Below are the team’s most notable, immediate roster needs entering free agency:
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Cap space
As of Sunday, the Panthers are projected to have $11.91 million in cap space, according to Over The Cap. But with $129.5 million in projected space in 2025 and $254.5 million in projected space in 2026, the Panthers can lean on the future to make bigger contracts work out if necessary.
Potential cap savings
The Panthers can open up space on the cap by releasing some of their higher-priced veteran players. Below are the savings for some of the potential cap casualties.
▪ CB Donte Jackson: $5.93 million ($9.78 million in dead money — expected to be released or traded, per ESPN)
▪ RT Taylor Moton: $5.25 million ($24.5 million in dead money)
▪ S Xavier Woods: $4.5 million ($3.53 million in dead money)
▪ K Eddy Piñeiro: $1.85 million ($695,000 in dead money)
▪ WR Terrace Marshall: $1.44 million ($381,724 million in dead money)
▪ C Bradley Bozeman: $360,00 ($7.28 million in dead money — will be released this week, as reported by The Charlotte Observer)
▪ TE Hayden Hurst: $52,156 ($9.86 million in dead money — expected to be released, according to the Athletic)
The Panthers can also save cap space by restructuring contracts of higher-priced players. Below some examples of the savings from those potential candidates:
▪ Moton: $8.14 million
▪ WR Adam Thielen: $4.9 million
▪ S Vonn Bell: $3.89 million
▪ G Austin Corbett: $3.41 million
▪ RB Miles Sanders: $3.39 million
▪ LB Shaq Thompson: $2.91 million
▪ DT Shy Tuttle: $2.68 million
▪ QB Andy Dalton: $2.09 million
▪ OT Ikem Ekwonu: $1.11 million
In-house free agents
Entering free agency, the Panthers have 19 unrestricted free agents, two impending restricted free agents and an impending exclusive rights free agent:
Franchise tag
The Panthers placed the non-exclusive franchise tag on pass rusher Brian Burns ahead of last week’s deadline. The tag allows Burns to negotiate with other teams for an offer sheet. If Burns were sign an offer sheet, and the Panthers were to pass on matching it, Burns’ new team would owe Carolina two first-round picks.
The tag comes with a 1-year, $24 million fully guaranteed contract that Burns can sign at any time. The Panthers can sign Burns to a long-term deal. They can also trade Burns for less than two first-round picks if Burns agrees to go to the trade partner and sign the tag.
Burns cannot be traded officially until after the start of the new league year on Wednesday. That means the Panthers will keep Burns’ entire $24 million salary on their books at the start of the new league year and until their is a resolution in the situation of some sort (trade, long-term extension, etc.).
Unrestricted free agents
These free agents can sign anywhere once the market opens on Wednesday at 4 p.m.
▪ CB Troy Hill (Update: Carolina has agreed to terms on a 1-year deal with Hill, a league source tells The Charlotte Observer)
▪ WR DJ Chark
▪ OLB Marquis Haynes
▪ OLB Yetur Gross-Matos
▪ S Sam Franklin
▪ WR/RB Laviska Shenault
▪ LB Kamu Grugier-Hill
▪ DE Henry Anderson
▪ LB Deion Jones
▪ CB Shaquill Griffin
▪ G Justin McCray
▪ DE Chris Wormley
▪ OT David Sharpe
▪ LB Tae Davis
▪ G Gabe Jackson
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Restricted free agents
Restricted free agents are players with three or less seasons of experience. In order to become a restricted free agent, a team needs to extend a restricted tender by March 13 (start of the new league year). If a restricted tender is not extended, the player becomes an unrestricted free agent and is free to sign elsewhere without issue.
There are three levels of restricted tenders (first round, second round and original round). If a players signs an offer sheet, and the incumbent team fails to match the offer, the value of the tender is exchanged from the other team like a trade. Formerly undrafted players who receive an “original round” tender can sign without compensation being sent to the incumbent team, but the original squad can still match any offer sheet as a “right of first refusal” privilege.
▪ WR/PR Ihmir Smith-Marsette (not expected to be tendered, per ESPN — would become an unrestricted free agent on March 13)
▪ TE Giovanni Ricci
Exclusive rights free agents
Exclusive rights free agents are players with less than three seasons of accrued NFL experience. They can only negotiate with their current clubs unless that team decides to waive the exclusive rights.
▪ RB Raheem Blackshear
Previous re-signings
▪ LS JJ Jansen (one year)
▪ TE Stephen Sullivan (one year)
▪ DE LaBryan Ray (one year)
▪ DT Nick Thurman (one year)
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