The Carolina Panthers spent just over $157 million in free agency before the season — sixth most in the NFL. That begs the question: How good do these investments look at the midseason point?
Eight weeks later, we finally have an answer (sort of), and it’s not what most expected. Despite spending a lot of money, the Panthers' most significant moves were relatively small. They gave cornerback Jaycee Horn an extension and signed defensive lineman Tershawn Wharton to a three-year, $54 million deal.
When Bill Barnwell from ESPN revisited every team’s offseason, he slotted Carolina into the “slightly above expectations” tier.
Carolina Panthers' offseason moves have been a mixed bag with long-term promise
Back in March, Carolina’s offseason looked underwhelming. They didn’t chase a top free-agent receiver like many wanted them to. In fact, they even traded away their top pass-catcher from 2024, Adam Thielen. The move was the first sign that the Panthers were willing to think long-term, and a decision also reflected something bigger.
Carolina bet on internal growth from Xavier Legette and Jalen Coker, believing continuity and coaching could unlock their potential. Then, in the NFL Draft, the Panthers selected Tetairoa McMillan and Jimmy Horn Jr. — two prospects built to develop alongside Bryce Young.
But of all the Panthers’ offseason moves, none have aged better than the signing of running back Rico Dowdle.
The one-year, $2.71 million deal looked like little more than insurance behind Chuba Hubbard. After his stunning breakout in recent weeks, that's not been the case.
Dowdle has already outperformed his contract several times over. More importantly, his emergence has validated Carolina’s commitment to building an offense around physicality and balance under Dave Canales.
It’s no longer about Young throwing 45 times a game, and that may be the key to unlocking his development. Meanwhile, tight end Mitchell Evans, a fifth-round pick out of Notre Dame, has also been a pleasant surprise.
Of course, not every move has landed. The decision to re-sign cornerback Mike Jackson Sr. to a two-year, $10.5 million deal hasn’t paid off yet. He’s put up one interception. However, most of the big plays allowed by Carolina’s defense have come in his coverage.
Up front, Wharton has struggled with injuries and hasn’t provided the interior push Carolina hoped for. Nothing showed that clearer than Buffalo Bills running back James Cook, who ran for a career-high 216 yards and two touchdowns.
In retrospect, Carolina’s 2025 offseason was about building a foundation that could finally hold weight. Trading Thielen cleared a path for young playmakers. Dowdle’s emergence gave the offense a new identity. And the draft class will continue to pay off for years to come.
The Panthers didn’t win the offseason on paper, but they’re winning it now.