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Right now, Steve Smith is far and away the best wide receiver the Panthers have. He publicly clashed with Jimmy Clausen last year, and he has not made it clear whether or not he will be happy in Carolina in 2011.
There is a way for the Panthers to make sure Smith stays happy. He is one of the best three players the Panthers have ever had, and they owe him at least that much. Plus, a happy Smith is a productive Smith.
He was at his best when he had a big possession receiver opposite him (Muhsin Muhammad), and Malcom Floyd is the definition of a big receiver at 6'5" and 225 pounds.
The Panthers have a bevy of young receivers that the previous coaching staff were hoping might become productive, but so far none of them have. Signing Floyd would provide whoever is playing quarterback with two dangerous options, which Moore and Clausen did not have last year.
Defenses would focus on Smith, because they knew no one else could hurt them in the passing game, and that allowed them to clamp down on the running game as well. A second viable receiver would open up the entire offense, and Floyd would be able to come in and start right away.
Quarterback and wide receiver are the two offensive positions most in need of help, and the rest of the offense is surprisingly talented considering how bad they were last year.
The offensive line will be decent, but one of the deepest positions is running back, where Jonathan Stewart and Mike Goodson have established themselves as productive young players.
DeAngelo Williams has been a great player for his time in Carolina, but he is already 28 and will command a hefty price tag this week. If the Panthers can afford to re-sign him and also address their bigger needs, great. If this is not the case (which I find likely), Stewart and Goodson are still a fairly promising duo.