Carolina Panthers deep dive: 2024 cap space and how it might be used

All of a sudden, the 2024 offseason for the Carolina Panthers might be the most important in team history. Let's take a look at their projected cap space.

It was a year that was supposed to be an encouraging building block for the Carolina Panthers' future. However, it's now turned into one where there's a ton of uncertainty, especially with the coaching staff.

It's been so bad that general manager Scott Fitterer may not survive this year. Head coach Frank Reich may even be one-and-done unless the team's form improves.

Rookie quarterback Bryce Young hasn't been great this year, but it's not all his fault. To make matters worse, the quick emergence of No. 2 pick C.J. Stroud has made it very bleak for Carolina's signal-caller.

Depending on how the Panthers approach the coming offseason, they could truly turn things around quickly. Carolina doesn't have their first-round pick in 2024, but they do have their second-rounder - that'll likely be at the very top of the round - so they may have a high enough selection to land an impact player.

Another huge part of fixing the Panthers is their free-agency moves. Spending a ton of money doesn't usually lead to guaranteed success, but it does help to have enough cap space to make some moves.

Given that the Panthers don't have an abundance of draft picks, they may rely more on free agency to fix their issues.

Way too early look at Carolina Panthers 2024 cap space

According to Over the Cap, the Panthers are set to have about $57 million in cap space. However, the website also notes that the team is projected to have about $47 million in effective cap space.

Here's how they define effective cap space:

"Effective Cap Space: the cap space a team will have after signing at least 51 players and its projected rookie class to its roster"

- Over The Cap

I think to make things simple, we can say that the Panthers will have roughly $50 million in available financial resources this coming offseason. This is a significant amount of money if spent correctly.

Whether Fitterer is the one spending that money remains to be seen. If I was a betting man, I'd wager that the leading front office figure wouldn't be part of the staff in 2024.

There are some players set to hit free agency that the Panthers would surely like to bring back as well. Guys like Frankie Luvu and Brian Burns might be at the top of their list to try and retain, regardless of who the general manager is.

If you tie down Burns and Luvu long-term, it's likely to decrease spending power considerably. Although restructures for the likes of right tackle Taylor Moton cannot be dismissed either.

An additional debate opens up here as to how the team should attack free agency.

Could they chase wide receivers like Tee Higgins, Mike Evans, or someone else?

What about the offensive line? Could they boost their tackle spot depth or one of the interior positions?

They could also use a boost at tight end, as well.

There is no secret formula for attacking free agency. But one thing that the Panthers would be wise to do is to not be trigger-happy in wanting to land the tier-one veterans available on the market.

Sometimes, waiting until the tier two or three wave of free agents is the best move. These are the ones who generally don't get overpaid, but the risk does increase slightly.

However you slice this upcoming offseason for the Panthers, the main priority should be to make Young work and to watch the Heisman Trophy winner develop in Year 2 of his pro career.