Carolina Panthers sign UDFA Malick Meiga

The Panthers' signing of undrafted free agent Malick Meiga on a three-year deal worth $3.1M ($1.03M AAV) earns a C+ Contract Value Index, a fair-value proposition that reflects the inherent gamble of UDFA commitments. At roughly $1M annually, this is appropriately modest pricing for an unproven prospect — the team is betting on developmental upside without overstretching cap resources, which is exactly how competent front offices should structure depth acquisitions. The risk here isn't overpayment; it's whether Meiga produces enough to justify even modest dollars, since UDFAs historically convert to reliable contributors at low rates. For a Panthers roster that's currently positioned as an 8-9 playoff team in the preseason window, depth investments like this one are necessary, and the three-year runway gives the organization runway to evaluate whether he becomes a rotation player or cycles out. The real value test will arrive in Year 2 and beyond — if Meiga doesn't accelerate toward starter-level performance by then, the back-end years become dead weight on an already-lean budget, turning fair value into an overpay. As structured today, the Panthers are paying replacement-level pricing for a chance at above-replacement production, which is market-appropriate for this tier of signing.