By rescinding the franchise tag from cornerback Josh Norman, the Panthers did Norman a favor, allowing him to look for another team before other teams fill their needs in the draft. But the Panthers did themselves a favor, too.
With the tag gone, Norman becomes an unrestricted free agent. If he signs with another team before May 12, the signing counts toward the compensatory draft pick formula for 2017. While the ultimate compensation is based on a complex combination of free agency losses and gains, losing a key player on the right side of 30 will go a long way toward getting the Panthers the crown jewel of the compensatory draft process: An extra pick at the back end of round three.
Making the move now operates as a clear indication that the Panthers will be looking to add corners in the draft. However, G.M. Dave Gettleman apparently chose maximizing his compensatory draft picks in 2017 over getting a cornerback he wants in the 2016 draft without fear of being leapfrogged by a team that now knows the Panthers will be looking for cornerbacks.
Regardless, Norman could have blocked all of this by signing the franchise tender and taking $13.95 million in 2016, fully guaranteed. It should be easy for him to get at least $13.95 million in 2016. But it will be interesting to see what the average value of the deal is over the life of the contract -- and whether the deal approaches the value of the package Norman left on the table in Carolina.
