Dan Morgan is proving that it's the quiet ones you have to worry about. The general manager is calculated and decisive. He's also managed to get two of the premier free agents to the Carolina Panthers on the first day of legal tampering.
First, a blockbuster report surfaced that the Panthers had agreed to terms with edge rusher Jaelan Phillips on a four-year, $120 million deal with $80 million guaranteed. Morgan wasn't satisfied, working tirelessly to pull off another coup that sent shockwaves through the entire league.
According to Ian Rapoport of the NFL Network, the Panthers also worked out an agreement with second-team All-Pro linebacker Devin Lloyd, luring him from the Jacksonville Jaguars. Morgan promised to attack the second level of his defense, and the front-office leader reportedly beat off several willing suitors to secure the Utah product's services.
Carolina Panthers could have an absolute steal with Devin Lloyd's contract
This represents another massive statement of intent from the Panthers. Lloyd was the best linebacker on the market, and he instantly makes them better. But the number attached to his contract sent an unmistakable message.
Rapoport revealed that Lloyd agreed to a three-year, $45 million deal with $25 million guaranteed. The off-ball linebacker market wasn't exactly hot, but the Panthers identified the 2022 first-round pick as someone who could help the franchise, so Morgan was only too happy to pay.
Considering Lloyd's market projections from leading salary-cap analysts before free agency, the eventual agreed-upon sum is nothing close. The Panthers overpaid for the edge rusher, but they may have gotten a bargain with this deal if the player builds on the best campaign of his professional career by a considerable margin.
Carolina's defense made improvements last season. The quality was sometimes lacking, and Evero didn't have faith in some options a little further down the pecking order to be aggressive when injuries struck. Morgan could see it too. And he wasted no time whatsoever to give the defensive unit another significant shot in the arm.
The Panthers need to make some sacrifices, which will likely come via releases, trades, or contract restructures, to comply with salary-cap regulations after making two notable splashes. Brandt Tilis's presence in the front office gives fans supreme confidence that enough cash can be freed up to make additional moves if Morgan wishes. Carolina also has seven picks in the 2026 NFL Draft to further strengthen the ranks.
Lloyd and Phillips' decision to join the Panthers got the league's attention in no uncertain terms. And in the linebacker's case, the money attached could be an absolute steal.