Reports: Panthers make big moves, signing Devin Lloyd, Jaelen Phillips
The Carolina Panthers are shelling out a lot of money to make sure their return to the postseason wasn't a flash in the pan.
Carolina has signed former Jacksonville Jaguars linebacker Devin Lloyd to a three-year, $45 million contract, a source told ESPN. The Panthers also doled out $120 million over four years to acquire the services of edge rusher Jaelen Phillips, according to NFL.com.
Lloyd secured $25 million guaranteed after recording five interceptions, one fumble recovery, seven pass breakups, 10 quarterback hits and 81 tackles in a breakout 2025. He earned second-team All-Pro honors and made his first career Pro Bowl.
Lloyd does come with a bit of risk, as Jacksonville decided not to pick up his fifth-year option after three disappointing seasons. He got benched during his rookie season in 2022 and continued to struggle despite reclaiming his starting spot in 2023 and 2024. However, Lloyd excelled under first-year defensive coordinator Anthony Campanile and new head coach Liam Coen in more of a pass-rushing role.
Phillips also comes with his fair share of baggage. The 26-year-old played in 12 combined games in 2023 and 2024, making nine starts, due to injury. He then started in all 17 contests last season, recording five sacks and recovering two fumbles. Phillips started the campaign with the Miami Dolphins before being traded to the Eagles in Week 10, helping Philadelphia become No. 1 in scoring defense after his arrival.
On the other side of the ball, the Panthers signed quarterback Kenny Pickett, per multiple reports. The former first-rounder played for the Las Vegas Raiders last season and is 16-11 as a starter in his career. Pickett will compete for the backup role with Andy Dalton.
Carolina made the playoffs for the first time last season since the 2017 campaign, losing 34-31 to the Los Angeles Rams in the wild-card round. The Panthers reached the postseason despite going 8-9. They haven't finished above .500 since going 11-5 in 2017.