The Carolina Panthers didn't want to miss out on their top free-agent target this offseason. They paused on defensive lineman Milton Williams last year and paid the price. General manager Dan Morgan wasn't going to make the same mistake again.
Edge rusher Jaelan Phillips was their guy, and the Panthers paid a premium to get him into the building. It's a big risk, but this instantly fills Carolina's biggest need. Together with the addition of linebacker Devin Lloyd, this could transform Ejiro Evero's unit in the blink of an eye.
This was a massive statement of intent. However, the money given to Phillips wasn't well-received by everyone.
Carolina Panthers may have overpaid for Jaelan Phillips, but it won't matter if he helps them grow
Bailey Brissett of Clutch Points thought the four-year, $120 million deal with $80 million guaranteed for Phillips is the biggest overpay of free agency so far. The analyst highlighted his lack of sacks and a concerning injury history as reasons Carolina may not get a significant return on this substantial investment.
"[Jaelan] Phillips is viewed as somebody who can become an elite sack artist, but he has played five seasons, and his sack numbers have regressed every year but one since his rookie campaign. An extended injury history has to be worrisome, too.
"Even [Trey] Hendrickson, who has twice secured 17.5 sacks and is a recent NFL sacks leader, was signed for cheaper than Phillips this very offseason. At $120 million, Phillips has been the biggest overpay of the free agent period thus far."
These are fair points. Phillips got far more than his pre-free agency market projection suggests. But to get the best, you have to pay.
The Panthers needed an edge rusher. They reportedly viewed Phillips as the best overall free agent, regardless of position, in this class. Couple this with being stung by Williams' late U-turn last offseason, and it's not hard to connect the dots.
Besides, if Phillips has the impact most envisage within Evero's 3-4 defensive front, nobody is going to care about the money.
Pairing Phillips with 2025 second-round pick Nic Scourton, with Patrick Jones II and Princely Umanmielen projected to occupy core rotational positions, gives Carolina a much-improved quartet coming off the edge. With Derrick Brown, Tershawn Wharton, and Bobby Brown III on the interior, together with Lloyd providing explosiveness at linebacker and an elite cornerback tandem in Jaycee Horn and Mike Jackson Sr., it's hard to envision a scenario where Carolina's defense doesn't make huge strides in 2026.
Did anyone predict Phillips to get $30 million per season? Of course not. But if this was the cost of getting a genuine game-changing presence into the fold, it was a risk Morgan had to take.