Atlanta Falcons fans were able to enjoy the opening day of the legal tampering period for the most part. Despite the Saints' spending spree, they got to witness the Carolina Panthers over-pay for Jaelan Phillips and finally saw Mike Evans leave the Tampa Bay Buccaneers for San Francisco, helping their chances at an NFC South title.
However, the Panthers made a big move last night that'll compensate for overpaying Phillips. They agreed to terms with Jacksonville Jaguars' All-Pro linebacker Devin Lloyd on a three-year $45 million deal with just $25 million guaranteed. For one of the best defenders available, that is a total steal.
Sources to me and @RapSheet: The #Panthers have agreed to terms with LB Devin Lloyd on a three-year, $45 million deal with $25 million guaranteed Devin Lloyd. Deal done by his agents @AndreOdom and A.J. Stevens. pic.twitter.com/JLri1HHp83
— Mike Garafolo (@MikeGarafolo) March 10, 2026
For reference, Lloyd took the same deal as Nick Bolton and Jamien Sherwood, two players he's way better than. Honestly, he should probably be paid closer to the AAV of Fred Warner and Roquan Smith, and of course, he ended up with an NFC South team with perhaps the biggest need for him.
Falcons fans need to start worrying about the Panthers' free agency spending spree
The Panthers are reigning NFC South champions, mind you, so they're trying to go all-in on keeping that competitive window alive. Phillips, for as much as he doesn't deserve thet $30M annually, is still going to work wonders for a horrible defensive line, whild Lloyd will also be an immediate contributor.
The 2022 first-round pick is one of the best linebackers in the NFL, and there's a reason he was one of the most coveted free agents available. He is a fantastic at stuffing the run and is elite in coverage, and let's not forget he's a tackling machine. He would've been the perfect replacement for Kaden Elliss if the Dirty Birds had any money to spend.
Ejiro Evero's defense is starting to take some serious steps in the right direction, and this is while Bryce Young and Tetairoa McMillan's connection is starting to define the identity of this Panthers' offense. So adding two defensive cornerstones in the opening day of free agency alone is worrisome.
I know I called Caroline GM Dan Morgan "the king of overpays" yesterday, and while that still holds true, that's not true for the Lloyd contract. Honestly, I would go as far as to say this was the best value signing of the entire opening day of free agency, which pains me to say given my Falcons fandom.
The Panthers were able to turn things around in a flash after breaking the bank on Phillips (and his lengthy injury history), and it stings even worse knowing Atlanta is about to lose Elliss. If they keep adding pieces to their defense, it'll make life tougher for one of the NFL's most talented offenses.