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Panthers Rescind CB Josh Norman’s Franchise Tag, Making Him A Free Agent

Update:

Joe Person of the Charlotte Observer reports that the Panthers gave CB Josh Norman’s agent the ability to seek a trade with another team at his request.

However, a deal with another never surfaced and the Panthers elected to rescind the franchise tag, instead of dealing with an impending holdout this summer

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The Carolina Panthers announced Wednesday that they’ve rescinded the franchise tag offer to CB Josh Norman, making him an unrestricted free agent.

Here’s a statement from Panthers GM Dave Gettlman regarding the decision:

“After a number of conversations with Josh’s agent we realized that a long-term deal was not attainable,” Gettleman said. “We have decided to rescind the Franchise Tag freeing Josh to immediately become a UFA. We thank Josh for all his contributions and truly wish him well.”

The tag would have run the Panthers $13.952 million fully guaranteed for the 2016 season, so they’ll pick up this much cap room once the move is officially posted.

Reports said that Norman could sign for as much as $15-$16 million per year on the open market, so it will be interesting to see what kind of money he’s able to secure from another team.

We just updated each team’s available cap space as of today in case you’re wondering if a certain team could afford him right now.

Norman, 28, is a former fifth-round pick of the Panthers back in 2012. After playing out the final year of his four-year, $2,299,000 rookie contract, Carolina elect to use their franchise tag on him over a month ago.

In 2015, Norman appeared in all 16 games for the Panthers and recorded 56 tackles, four interceptions with two being returned for touchdowns, three forced fumbles, two recoveries, and 18 pass defenses for the Panthers. Pro Football Focus has him rated as the No. 6 cornerback out of 118 qualifying players.