The Carolina Panthers are flexing their full financial might to improve defensively in 2026.
Carolina is signing edge rusher Jaelan Phillips to a four-year, $120 million deal and linebacker Devin Lloyd to a three-year, $45 million pact, NFL Network Insiders Ian Rapoport and Mike Garafolo reported on Monday. Lloyd is getting $25 million guaranteed at signing.
Phillips split his 2025 season with Miami and Philadelphia, joining the Eagles via a deadline trade and proving, despite his history of injuries, he has plenty of value as a 26-year-old edge rusher. Upon his arrival in Week 10, Philadelphia's defense elevated to the top of the league in a key category -- scoring defense -- becoming the No. 1 team in that metric for the remainder of the year.
The 2021 first-round pick will head to Carolina to join a front that has lacked a difference-making edge rushing presence since trading Brian Burns to New York in 2024. Phillips will also pair nicely with defensive tackle Derrick Brown, a fellow former first-rounder who is underrated as an interior force despite finishing tied for the Panthers' team lead in sacks (5.0).
Phillips' contract lands him between Jacksonville veteran Josh Hines-Allen and San Francisco's Nick Bosa in terms of average salary per year ($30 million), dedicating a sizable chunk of cash to an edge rusher who has played three full seasons in five years in the NFL, but is also being paid on potential. For the 2025 NFC South champion Panthers, such compensation was necessary to convince Phillips to consider a home outside of Philadelphia. If everything goes right, it could end up being a wise investment.
As for Lloyd, he's moving on from Jacksonville after four seasons in Duval and his first Pro Bowl campaign in 2025, one in which he had 81 tackles and a career-high five interceptions, including one he returned 99 yards for a touchdown.
