The Carolina Panthers have never been a prime destination for top-tier free agents—that's just the reality of life in the NFL. But this offseason, the front office decided to change the narrative by going big. Really big.

First up: a blockbuster four-year, $120 million deal for edge rusher Jaelan Phillips. Then, they followed it up with a three-year, $42 million contract for linebacker Devin Lloyd. These aren't just signings; they're statements.

CBS Sports' Zachary Pereles took notice, naming the Panthers' aggressive free-agent haul as the team's biggest improvement heading into 2026. "We're using 'big' in two ways here," Pereles wrote. "First, the Panthers went big: four years and $120 million for Jaelan Phillips, a wonderfully disruptive but oft-injured edge rusher who could take this defense to the next level. They also went big for linebacker Devin Lloyd, who had a terrific 2025 and was the clear top free agent at his position. If both of those players hit, we're likely looking at the repeat NFC South champ. This was a huge money-wise offseason and signals this team wants to compete, not just keep building incrementally."

Lloyd, at 27 years old and fresh off his first Pro Bowl appearance, looks like the safer bet. The former first-round pick is still in his prime and should anchor the second level of Carolina's defense with consistency. The real gamble? Phillips.

Injuries have taken a toll on Phillips since his breakout 2022 season with the Miami Dolphins. His production has dipped sharply, and the Panthers are betting he can rediscover his disruptive form. If Phillips can return to averaging 7.5 sacks, 17 quarterback hits, and 26 pressures per season, the contract starts to look reasonable. But to truly make this investment pay off, he'll need to exceed those numbers.

Beyond the headline-grabbing moves, the Panthers also added offensive linemen Rasheed Walker and Luke Fortner, both projected to start at left tackle and center, respectively. These under-the-radar pickups could provide the stability Carolina's offense has been missing.

Whether this aggressive approach leads to a repeat NFC South title remains to be seen. But one thing is clear: the Panthers are done playing it safe.