It's pretty clear that Julius Peppers will not be in a Panthers uniform. The Panthers don't want to pay him the money. Julius Peppers wants to be in a 3-4 defense in which he will be able to get to the quarterback more and drop back in to coverage.
I think he will end up in Greenbay because Aaron Kampman is not comfortable in the 3-4. The Packers have been better without Aaron Kampman in the 3-4 (not saying he is a bad player he just doesn't fit that system.) The defensive coordinator Dom Capers drafted Julius Peppers. You would think he would love to have him in Greenbay.
The only way that Peppers doesn't go to Greenbay is Ted Thompson distaste in spending money on big time free agents. Now that would seem like a huge problem and make peppers to Greenbay seem impossible. But let's not forget that Ted Thompson doesn't usually trade down in the draft but he has done it (and as someone reminded me JUST ONCE!) and that was last year's draft when Thompson traded down for Clay Matthews and it worked out pretty well (most sacks for a rookie in Greenbay history) and not saying Ted Thompson is going to turn into a whole different person but I think doing something that he usually does not do that helped the team will encourage him to try something different to help the team.