Devin Lloyd, Panthers Reportedly Agree to Contract After Pro Bowl Season, Updated Salary Cap

The Carolina Panthers signed free agent linebacker Devin Lloyd to a three-year, $45 million deal on Monday, according to ESPN's Adam Schefter.

The Panthers didn't come into the offseason with a ton of cap space, though restructuring some deals and other cap gymnastics should allow them to clear the necessary room.

The Jacksonville Jaguars selected Lloyd out of the University of Utah with the 27th overall pick in the 2022 NFL draft.

He had 355 tackles (195 solo) over his first three seasons, helping the Jags make the playoffs in his 2022 rookie campaign.

In 2025, Lloyd amassed five interceptions, including one returned for a 99-yard pick-six on Kansas City Chiefs quarterback Patrick Mahomes.

He added 81 tackles, 10 quarterback hits, seven pass breakups and a sack-and-a-half. For his efforts, Lloyd made his first Pro Bowl and earned Second Team All-Pro honors.

The Jags also enjoyed a tremendous turnaround from 2024 to 2025, going from 4-13 to 13-4 and winning the AFC South. Lloyd obviously played a big role in that effort.

Jacksonville could have used the franchise or transition tag on Lloyd but opted against doing so.

Entering the offseason, multiple analysts saw Lloyd as one of the best free agents in the 2026 class. Of note, Pro Football Focus had Lloyd at No. 4 overall, and Greg Auman of Fox Sports had him a spot higher at No. 3.

In the end, it's no surprise that Lloyd was paid handsomely, and he's been rewarded for a good start to his career by Carolina, where he'll be a cornerstone of the defense. He continues a busy day for the Panthers, who also upgraded the defense by signing edge-rusher Jaelan Phillips.