Obviously, winning is the goal. But not every team is ready to win now. The next best thing? Hope. And the way the Panthers played down the stretch, especially Bryce Young, gave them some hope. They still have a lot of work to do in free agency and the 2025 NFL Draft. But it’s not as bleak in Carolina as it once seemed.

It’s year two for general manager Dan Morgan and head coach Dave Canales. As the contracts for the last regime’s players expire, they’ll be able to bring in more of their guys and build their vision. 

Let’s take a look at the contracts, free agents, and salary cap for the Carolina Panthers to preview what they might be looking to do in 2025 free agency. Maybe we can even take advantage of some predictions in our dynasty fantasy football leagues!

*The salary cap numbers referenced in this article come courtesy of our friends over at Spotrac.com*

 

 

 

New Orleans Panthers Depth Chart 2025 (Fantasy Football Relevant)

QB

Bryce Young

Andy Dalton

Jack Plummer

  

RB

Chuba Hubbard

Jonathon Brooks

Miles Sanders

Raheem Blackshear

Mike Boone

WR

Adam Thielen

Velus Jones

   

WR

Xavier Legette

David Moore

Deven Thompkins

  

WR

Jalen Coker

Dan Chisena

   

TE

Tommy Tremble

Ja'Tavion Sanders

Ian Thomas

Feleipe Franks

 
  • White = unrestricted free agent
  • Green = role is safe
  • Yellow = role in flux
  • Orange = likely a depth piece
  • Red = roster spot not guaranteed

New Orleans Panthers Free Agency 2025

  • PROJECTED 2025 SALARIES: ~252M
  • ESTIMATED 2025 CAP SPACE: ~$24M

 

 

 

Panthers Quarterback Depth Chart

Bryce YoungIt was too early to give up on Bryce Young. And it’s too early to crown him the franchise quarterback as well. Year three is when the discussions on an extension begin and that’s where we are now. He has a strong finish to the season so there’s no reason to bring in a veteran that would undermine him or draft a prospect with high draft capital. 

You proceed as if he is the guy and make decisions when you have to. By “strong finish” we are talking about a guy who didn’t throw a touchdown pass in his first four games and was even benched at one point then finished out throwing at least one touchdown pass in 10 straight. 

He also tacked on five rushing TDs over the last six games and scored a total of five touchdowns in his final game against Atlanta. He’s a hold for me in dynasty but he’s much closer to a buy than he is a sell. 

Andy DaltonDalton is a free agent heading into this offseason. It’s kind of interesting that he may have actually held down the starting job after taking it over from Young had he not gotten hurt himself off the field in a car accident. 

Dalton has told Joe Person of the Athletic in an interview that he is interested in remaining with the Panthers as a mentor to Young but could end up elsewhere in a similar role.

Jack PlummerThe Panthers added Jack Plummer as an undrafted free agent of Louisville this offseason. He was primarily on the practice squad but they called him up for game days based on depth when needed. 

They eventually ran out of call-ups and elevated him to the active roster towards the end of the season. He could remain with the team as depth with experience in the organization, especially if Dalton is gone. He could also be released with zero dead cap and $960K in savings so his roster spot is not safe.

  • Reserves/Futures: None

PANTHERS QB FREE AGENCY TAKE: There’s no reason to go crazy here as you proceed as if Bryce Young is the quarterback of the future. Bringing Andy Dalton back makes a lot of sense or maybe you bring in another veteran backup to see what kind of wisdom you can impart. 

The last thing you want in year three is anyone that could cause any kind of QB controversy, so I’d probably steer away from someone like Justin Fields or a fan favorite like Jameis Winston if you are adding a free agent QB. 

 

 

 

Panthers Running Back Depth Chart

Chuba HubbardChuba Hubbard took a BIG step this year. And the Panthers rewarded that with a four-year, $33 million extension. 2025 is locked in for sure and he would have to play pretty poorly for them to cut him in 2026 given it’s only a $1.8 million savings with $4.5 million in dead cap. 

Chuba Hubbard is there for another two years minimum but could potentially play out the entire contract through 2028 if he plays anything like he did this year. And, considering the unfortunate Jonathon Brooks injury, he should have every opportunity for touches this upcoming year. 

Jonathon BrooksThe Panthers made Jonathon Brooks the highest drafted running back in the 2024 draft, even with him rehabbing from an ACL. And they took it slow with his return with him not playing until November in Week 12. 

Three weeks later their worst nightmare unfolded as Brooks tore his ACL again in the same knee that he injured last time. That will likely keep him out for the majority of the 2025 season as well now. 

Miles SandersAs Saquon Barkley has shown the world, the Eagles have one of the best offensive line units in the league. Running the RPO with Jalen Hurts certainly helps with that. And the previous Panthers regime may have fallen victim to that environment when they signed Miles Sanders to a huge contract following a successful year in Philly.

The Panthers now have a tough decision to make - and it would help if they made it sooner rather than later. Miles Sanders has an additional $1 million roster bonus that triggers if he is on the team the 3rd day of this league year which would be March 14th. 

So they’ll have $2.95M in dead cap with $5.225M in savings if they release him before then or $3.95M with $4.225M in savings after the fact. So, if he’s not released by that date, you can assume he’ll be on the team again. I expect him to be released. 

 

 

 

Raheem BlackshearWith the way NFL contracts work, restricted free agents like Raheem Blackshear are some of the easiest players to retain (besides perhaps exclusive rights free agents). The minimum price is still ~$3 million though so Blackshear they might not want to pay that - I think they would be wise to bring him back if they can do so affordably.

Blackshear’s 791 return yards were the second most behind only the Cowboys Kavontae Turpin and nearly 200 more than the third highest (Austin Ekeler at 594). He also returned virtually all of their punts as well. So, I expect Blackshear to be back in Carolina in 2025. 

Mike BooneMike Boone did not have a game this season where he surpassed five touches - the only five-touch game he had came in the final week of the season. He’s an unrestricted free agent this offseason and I do not expect him to be back - if he is back, it would merely be as a depth piece that can contribute on special teams. 

  • Reserves/Futures: Emmanuel Bailey

PANTHERS RB FREE AGENCY TAKE: If things pan out the way I think they will in free agency, with Miles Sanders and Mike Boone on the way out, the Panthers are going to need some depth. They’ll start Jonathon Brooks off on the Physically Unable to Perform (PUP) list as he rehabs from his injury. 

Chuba Hubbard will be the starter. And Raheem Blackshear will be the kick returner who serves as a deeper backup. But that’s not really enough - they’ll need at least one more body. Considering the investment in Hubbard and Brooks, there’s really no reason to break the bank either. 

Hubbard is a fairly balanced player that can handle both pass and run work so maybe another balanced player to step in when he needs a breather would make a lot of sense. You aren’t going to pay up for guys like Najee Harris or Aaron Jones but there are some options out there that could be worth kicking the tires on. 

 

 

 

Panthers Wide Receiver Depth Chart

Adam ThielenThielen suffered a hamstring injury so serious this year that surgery was reportedly on the table. Despite that, he managed to return and play at an incredibly consistent level. 

In fact, upon his return over the final seven games, he caught 34 of 44 targets which is a ~77% catch rate. He has a roster bonus due of $1.5M on the third day of the league year but it’s not his contract that has us concerned about his roster spot (cutting him even before that point would only save $3M with $5M in dead cap). 

It’s his comments about considering retirement. Given those comments and his age, the absolute max you should gamble on him in dynasty is a late 3rd round rookie pick just to see if he comes back. 

Xavier LegetteLegette had his ups and downs this year. He showed flashes of brilliance and made some contested catches. He made some difficult catches look easy but also made some easy catches more difficult than they needed to be. 

He told reporters that he needs offseason wrist surgery but did not use that as an excuse for any of the drops, like the one that could have sealed the game against the Eagles. Based on what I’ve seen on the tape, there weren’t a ton of issues that couldn’t be corrected by coaching so, if you believe in Bryce Young, Xavier Legette is a buy candidate. 

Jalen CokerLike most undrafted free agents that flash in camp then actually produce a little bit in actual games, Jalen Coker has become a darling of the dynasty fantasy football community. And it’s not without merit. He’s not particularly fast but has decent size. He uses that size and his spatial awareness to create space in tight areas and make contested catches. 

He has strong hands, so he only had one drop on 45 targets and his metrics vs. man to man were fantastic. Matt Harmon of Yahoo and Reception Perception, for instance, pointed out that he had the second highest yards per route run of any WR who ran at least 200 routes vs. man coverage. Historically it has been the smart move to trade any WR drafted outside the first three rounds if they pop. 

And that’s been especially true for undrafted free agents. But there are exceptions and Coker’s teammate Adam Thielen is a shining example. Even as someone who generally cashes out, I’m personally willing to hold Jalen Coker if I have him and I’d consider acquiring for a second but I won’t go as far as to trade a first round rookie pick for him yet given the limited sample size. 

We have to remember how rare it is to have more than two fantasy relevant pass-catchers from the same team so guys like Leggette and Coker really need to establish their spot in this pecking order and hold on. 

 

 

 

David MooreDavid Moore is a solid depth vet. He’s a good guy to have when you aren’t sure if the rookies on your team can even play. Now that we’ve seen a year's sample size of Legette and Coker, that roster spot is likely better used on taking stabs for the future. Maybe they retain Moore if he wants to take a very cheap deal, but I expect them to let him walk in free agency.

Velus Jones Jr: When you draft an older prospect like Velus Jones Jr, you expect him to contribute right away. Velus Jones not only didn’t contribute but was released before his rookie contract was up. 

The Panthers gave him a shot but he wasn’t able to produce anything in two games. He’s a restricted free agent so they could easily keep him as a project but he turns 28 this offseason. 

Dan ChisenaDan Chisena is an interesting story. He caught only 3 passes in college. He has now played five years in the NFL - and has caught only 3 passes. He’s a special teams specialist so that is his path to making the team. He’s a restricted free agent so would be easy to retain. 

Deven ThompkinsThompkins was released by the Tampa Bay Buccaneers at a time when he had some serious allegations against him but those were investigated by the NFL with no clear evidence of wrongdoing

He bounced back and forth between the roster and practice squad but, with Raheem Blackshear thriving as the primary return man, his services weren’t really needed. So, Thompkins could end up out despite being a restricted free agent. 

PANTHERS WR FREE AGENCY TAKE: The Panthers previous regime tried to draft Bryce Young and compete IMMEDIATELY. That not only didn’t work out but it didn’t leave them in a great cap position. 

So, even if Adam Thielen does decide to hang them up, they aren’t in a position to go out and get someone like Tee Higgins or Chris Godwin. If Thielen is back, Xavier Leggette and Jalen Coker can operate as the outside wide receivers with Adam Thielen in the slot. If Thielen is gone, that is where they’ll need to replace production. 

Given where they are in the NFL life-cycle, they should probably target younger players in the draft or free agency rather than try to push the chips on veterans right now like, say, Tyler Boyd. They could also potentially move Coker to the slot and add a field stretching flanker. Here are some younger guys for each role. They need depth regardless. 

 

 

 

Panthers Tight End Depth Chart

Tommy TrembleWhen healthy, Tommy Tremble was the starting tight end for this team and led in snaps. He dealt with a concussion as well as hamstring and back issues which kept him out for a number of games. Tremble has yet to have more than 234 yards in four seasons though this year he was on pace for his best year. 

They will probably retain one of either Ian Thomas or Tremble - we are hoping for fantasy football purposes that they retain the blocking tight end Tremble and let Ja'Tavion Sanders be the full-time pass-catching tight end. 

Ja'Tavion SandersThe fourth-round rookie had to wait his turn but, when Tommy Tremble was out, he was productive. The numbers for rookie JT Sanders in the games without Tremble were actually better than the rookie number for Trey McBride in the games without Zach Ertz. In fact, their overall rookie season statistics were eerily similar.

Sanders is not particularly fast but he’s a good route runner and has reliable hands. Guys like that can have upside in fantasy but they need a lot of targets to get there. 

So, the bet here is that Sanders can potentially beat out one of Leggette or Coker to be a top two target on the team. It’s not a slam dunk but I’m holding Sanders for the long-term to see what happens as Bryce Young develops. There really isn’t a robust market to sell him anyway. 

Ian ThomasIan Thomas has now played for four different Panthers head coaches, managing to survive each regime change since being drafted in 2018. Last year they asked him to restructure his deal to hang around and he agreed. 

He’s never really been a great pass-catcher but he’s a rock solid blocker so they could keep him around in that capacity. He’s a free agent now so we’ll have to see what they decide to do. As we mentioned above, the combo of Thomas and Sanders is better for the value of Sanders than Thomas and Tremble. 

Feleipe FranksFranks came into the league as a quarterback but was converted to tight end. The reality though is that he doesn’t play much tight end, but he does play a ton of special teams, contributing on five different units. 

He’s a free agent as well and, if they do decide to keep him around, it will be in that capacity and not have much of an impact on the actual TE depth chart. 

PANTHERS TE FREE AGENCY TAKE: Of the reserve, Dafney hasn’t appeared in a game since 2021 and James Mitchell skews more pass-catching. Ja'Tavion Sanders is likely viewed as the pass-catching tight end of the future. And Ian Thomas is the only one that really has the size to be the pure pass-catching tight end. 

The Panthers could just bring back the unit they have but here are some other blocking tight end options available in free agency if they are looking for a change. Again, skewing younger is probably the way to go for this organization.