Greg Olsen Extension Quietly a Huge Move for Carolina Panthers' Future

The Carolina Panthers don't have a lot of money to spend. They have less than $13 million in salary-cap space, per the NFLPA, and 15 unrestricted free agents to take care of with key cogs Cam Newton and Luke Kuechly entering contract years. 

That's why it's important that the Panthers found a way to lock up one of their most dangerous weapons to a long-term contract on Thursday—one which should grant Carolina plenty of financial flexibility going forward. 

Tight end Greg Olsen, who received a $12 million signing bonus as part of his three-year, $22.5 million extension, per ESPN's Adam Schefter, really is one of the most criminally underrated players in the NFL. In 2015, he became just the 14th tight end of the modern era to post a 1,000-yard season. Only Rob Gronkowski had more yards, and only Martellus Bennett and Jimmy Graham had more catches. 

Tight end	Yards
1. Rob Gronkowski	1,124
2. Greg Olsen	1,008
3. Martellus Bennett	916
4. Delanie Walker	890
5. Jimmy Graham	889

It was Olsen's third consecutive 800-yard season, which is something only seven other tight ends in NFL history have accomplished. He's also scored at least five touchdowns in seven straight seasons, which is something only two other tight ends—Antonio Gates and Tony Gonzalez—have done. 

Tight end	Streak	From	Through
1. Antonio Gates	9	2004	2012
2. Tony Gonzalez	8	2006	2013
3. Greg Olsen	7	2008	2014
4. Ben Coates	6	1993	1998

The 29-year-old hasn't missed a game since his rookie campaign with the Chicago Bears in 2007. It's hard to believe he hadn't been to a Pro Bowl before finally earning that honor this past year. 

It probably has to do with the fact he lacks sex appeal. Gronkowski and Jimmy Graham are bigger and faster, and Olsen is more of a possession-type receiver than Gates or Vernon Davis. He does the dirty work and acts as a safety valve within an offense that has few proven weapons. 

And he's critical to Newton's progress. Carolina needs help at the wide receiver position, especially after losing veteran Steve Smith last offseason, but for that passing game to become consistently successful, it starts with that Newton-Olsen connection. 

That's often been the case with mobile quarterbacks still reaching the height of their development. Look at Tony Romo with Jason Witten, Ben Roethlisberger with Heath Miller, Steve McNair with Frank Wycheck, Steve Young with Brent Jones. Look at Colin Kaepernick with Davis. 

Newton needs his security blanket. 

Since Newton and Olsen started in Carolina together in 2011, Olsen's really been the only true option inside the red zone: 

Player	Targets	REC	REC%	YDS	TD
Greg Olsen	61	31	50.8%	292	17
Steve Smith	42	16	38.1%	141	8
Brandon LaFell	25	12	48.0%	92	7
Legedu Naanee	15	7	46.7%	58	1

And that was especially the case with Smith gone in 2014:

Player	Targets	REC	REC%	YDS	TD
Greg Olsen	18	10	55.6%	100	5
Jerricho Cotchery	6	5	83.3%	22	1
Kelvin Benjamin	17	4	23.5%	39	3
Jason Avant	4	2	50.0%	21	1

That big signing bonus means the Panthers won't feel a large impact from this move for years to come, freeing them up to re-sign Newton and Kuechly without taking a step backward at the all-important tight end position.

Approaching his 30th birthday, Olsen's in his prime. And as the Panthers develop weapons around him, this is the type of contract that will keep the trajectory pointing upward for the Carolina offense. 

Brad Gagnon has covered the NFL for Bleacher Report since 2012.

Follow @Brad_Gagnon