The Carolina Panthers are heading into a pivotal offseason, and their backfield situation is once again front and center. After a 2025 campaign that saw both Chuba Hubbard and Rico Dowdle take turns leading the charge, Carolina finds itself at a crossroads. Not because of locker room tension or personality clashes-by all accounts, Hubbard and Dowdle coexisted just fine-but because the team never truly settled on a No. 1 option.
That’s a bit surprising when you consider the financial commitment the Panthers made to Hubbard. Back in November 2024, they inked him to a four-year, $33 million extension, signaling their belief in him as a long-term piece.
But football doesn’t always follow the script, and when Hubbard went down with a calf injury early in the season, Dowdle stepped in and made the most of his opportunity. So much so, in fact, that he essentially took over the starting role for the rest of the year.
Now, Dowdle is headed for free agency and has made it clear he’s looking for a bigger role-likely one that Carolina can’t promise. That would seem to clear the path for Hubbard to return as the featured back in 2026. But don’t pencil him in just yet.
There’s growing buzz around the idea that the Panthers could make a run at Super Bowl MVP Kenneth Walker this offseason. It’s a name that raises eyebrows and a move that would definitely shake up the depth chart.
Walker, fresh off a dominant postseason capped by a 135-yard performance on 27 carries in the Seahawks’ Super Bowl win over the Patriots, is hitting the market with momentum. Over the course of the season, he racked up 1,027 rushing yards, five touchdowns, and averaged a strong 4.6 yards per carry.
That’s the kind of production that turns heads-and opens checkbooks.
So why would Carolina consider adding another high-profile back when they’ve already got Hubbard under contract through 2028 at a reasonable $7.5 million cap hit for next season?
Well, for starters, Hubbard’s 2025 campaign left something to be desired. He finished with just 511 rushing yards and a single touchdown, averaging 3.8 yards per carry.
That’s a far cry from his breakout 2023 season, when he posted 1,195 yards and 10 scores while averaging 4.8 yards per attempt. Yes, the calf injury early in the year played a role, but the regression was still noticeable.
That’s where the intrigue with Walker comes in. He’s younger, more explosive, and coming off the best stretch of his career. If the Panthers believe Walker offers more upside and consistency, they might be willing to make a bold move-even if it means parting ways with Hubbard in the process.
Of course, nothing is set in stone. The Panthers could opt to ride with Hubbard as their lead back once again, banking on a return to form now that he’s healthy. But if Carolina does decide to chase Walker, it would signal a significant shift in how they view their offensive identity-and it could open the door for a trade involving Hubbard.
Bottom line: the Panthers have options. But with free agency looming and a Super Bowl MVP potentially on the market, those options could get very interesting, very fast.