by Sports Xchange

The Panthers have until July 15 to sign him to a long-term deal. Once that date passes, the team cannot negotiate a new deal with him until after the 2009 season.

As it stands now the Panthers are less than $1 million under the salary cap meaning they haven't had a chance to re-sign any players or add any free agents this offseason.

In fact, the Panthers weren't even able to offer reliable long snapper Jason Kyle a contract, prompting him to sign with the division rival New Orleans Saints.

Because the Panthers put the franchise tag on Peppers at a cost of $16.7 million, the team has been handcuffed under the salary cap.

By restructuring or redoing his deal, the team could free up millions they could use to add a veteran offensive lineman, among other things. The Panthers have a solid starting five up front, but no backup players with any experience on the offensive line.

As it is the Panthers will be forced to keep several rookie and first-year players because so much of their salary cap is tied up with players like Peppers, Jake Delhomme, Steve Smith and Chris Gamble.

The Panthers have said all along they don't want to lose Peppers and view him as a valuable member of the organization, even after Peppers declared publicly that he wanted out.

Peppers' agent Carl Carey recently said his client would be open to a long-term contract, which represents a dramatic turn from what Peppers said earlier this offseason.

Since then, a lot has happened - particularly on the defensive side of the football.

The Panthers have changed defensive coordinators, replacing Mike Trgovac with Ron Meeks. The team also has a new defensive line coach.

Whether or not those changes have prompted Peppers to change his mind about his long-term future remains to be seen.

If Peppers doesn't sign a contract before July 15, this entire scenario can play out again next year. The Panthers gave Peppers no assurances they wouldn't use the franchise tag on him again next year, although that would cost them more than $20 million.

OFFSEASON STANDOUT: TE Gary Barnidge was a standout during OTAs with backup TE Dante Rosario nursing a back injury. Jeff King is still the starting tight end in Carolina because of his versatility as a run-blocker and a receiver. However, the Panthers believe Barnidge is a guy who can help stretch the middle of the field.

LINEUP WATCH: With Julius Peppers signing his one-year tender, the Panthers have 21 of 22 starters returning from last year's team. Only Ken Lucas, who was cut, is gone. The big question will be what the Panthers do with second-round draft pick Everette Brown. Tyler Brayton returns as the starter on the opposite side of Peppers and Charles Johnson will also figure into the mix.

ROOKIE IMPRESSIONS: If there was one rookie who really turned some heads during OTAs it was Texas A&M running back Mike Goodson, who showed tremendous speed coming out of the backfield. He's still behind DeAngelo Williams and Jonathan Stewart on the team's depth chart, but he'll still see action on game day. In fact, the Panthers are working him quite a bit as a slot receiver.

INJURY WATCH: RB Jonathan Stewart and TE Dante Rosario were both held out of OTAs, but will be ready for the start of training camp. Outside of that, the Panthers are healthy.

CONTRACT TO WATCH: Over the next three weeks, the Panthers will look to sign Julius Peppers to long-term contract, a move that would free up some much-needed salary cap room.

However, that would likely mean the Panthers having to make Peppers the highest-paid defensive player in the league and giving him a contract that exceeds the $15 million per year the Oakland Raiders paid to cornerback Nnamdi Asomugha and/or the $100 million contract the Washington Redskins gave to defensive tackle Albert Haynesworth.