As the dawn of the 2024 offseason rose, the Carolina Panthers started out with a respectable yet not dazzling amount of cap space. One main goal for the Panthers this offseason? Better players without overextending themselves. Despite the acquisitions already secured, there is still plenty of room left for future moves.
Cap Space Explained
In the NFL, ‘cap space’ refers to how much a team can pay a player in a given season. Each season, the NFL sets a limit, or a “cap” that teams must be at or under by the time the official offseason begins. Cap Space is used, on paper at least, as a way to keep the teams playing with the same amount of money. Cap space allows teams to sign new players, retain existing ones, and make trades while adhering to the salary cap rules. Essentially, cap space serves as the lifeblood that enables NFL franchises to strategically build teams capable of vying for championships.
Makin’ Moves
The pivotal move to free up space involved trading Brian Burns to the New York Giants. Burns, initially a free agent, carried a hefty $24 million cap hit due to the franchise tag. The Panthers efficiently offloaded this burden by trading him. Additionally, they shaved off roughly $5.5 million by releasing Bradley Bozeman and Vonn Bell.
In a bid to optimize their financial position for the current year, the Panthers adopted a strategy of offering minimal base salaries in the first year of new deals. As per Spotrac, the base salaries for key signings such as Robert Hunt, Damien Lewis, A’Shawn Robinson, Josey Jewell, and Dane Jackson all stand at $1.125 million for 2024.
This approach effectively minimizes their cap hits for the season relative to the overall contract valuations. While specific details on deals for DJ Wonnum, K’Lavon Chaisson, and Jordan Fuller remain undisclosed, it’s reasonable to assume Wonnum’s two-year deal is backloaded in the second year, while Chaisson and Fuller likely have one-year deals without room for cap manipulation.
Cap Space Money in the Bank
Excluding these undisclosed deals, Spotrac and Over the Cap estimate the Panthers to have around $18-$19 million in cap space. With incoming rookie contracts, (which would approximately amount to $8 million based on current draft slots), and considering that only the top 51 salaries count against the cap in the offseason, the Panthers will spend just under $6 million to sign their initial draft picks.
Wonnum’s estimated cap hit based on his reported $12.5 million two-year deal has him earning around $3-$4 million per year. When you consider the additional $6 million for draft picks, the Panthers are left with approximately $9-$10 million under the cap before taking into consideration the deals of Chaisson and Fuller.
It’s unlikely that Chaisson and Fuller’s contracts will significantly drain this remaining cap space. With Chaisson’s lack of performance, he hasn’t necessarily earned himself more than a prove-it deal, and historically, Fuller’s position as a safety doesn’t command high salaries in the world of free agency.
Cap Space Leftovers
Assuming the Panthers don’t allocate more than a few million for Fuller, they likely retain around $4-6 million in cap space to facilitate one or two further moves. Whether it’s securing another significant player for a multi-year contract, like their other long-term signings, or pursuing available free agents such as Mike Williams, Michael Gallup, Jadeveon Clowney, or Chase Young, the Panthers are firmly in the drivers seat financially and are looking for some open roads.