Football Outsiders is out and doing Division by Division looks at the salary cap and how it affects each team around the league.
To see about the entire NFC South – click HERE
Here’s the Panthers breakdown, and some of the background on how they think things will play out for the team.
Estimated Cap Space: $4-$5 million over
Unrestricted Free Agents (10): Derek Anderson, Antwan Applewhite, Mackenzy Bernadeau, Dan Connor, Omar Gaither, Cletis Gordon, Geoff Hangartner, Legedu Naanee, Jordan Senn, Jeremy Shockey
Restricted Free Agents (1): Geoff Schwartz
Schwartz started 16 games in 2010 before missing all of 2011 with a hip injury. The 2008 seventh-round pick out of Oregon State could be back on an original tender worth $1.26 million in non-guaranteed base salary.
Franchise Tag Candidate: The Panthers lack the cap space and key candidate to use the franchise tag this off-season.
Potential Cap Casualties/Restructures: Linebacker Thomas Davis signed a four-year, $33.2 million contract extension last July. Six weeks later, Davis tore the ACL in his right knee for the third time. While Davis is attempting a comeback, the Panthers are unlikely to exercise an $8 million option bonus that is due on the first or second day of the 2012 league year. If released outright, Davis would clear only $300,000 from the Panthers’ salary cap, so a restructure is the more likely path to reduce his $5.9 million cap number. Wide receiver Steve Smith is entering the final year of his contract and is due $7.75 million in base salary with a cap number of $10.713 million that could be reduced via an extension.
February 22nd, 2012 
Matt Loede 
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