Analysis: Thoughts on Panthers giving RB Chuba Hubbard a mid-season contract extension

Sometimes, signing a homegrown player to a contract extension goes beyond the perceived merits of that contributor’s job title.

Sure, running backs have been devalued across the NFL, but for the rebuilding Panthers — despite what they say, they are rebuilding — signing running back Chuba Hubbard to a four-year contract extension on Thursday was a valid team-building move.

The new deal showed production will be rewarded internally. And it highlighted the resolve of the franchise toward a well-respected locker-room figure who is just presumably entering his prime years.

Carolina signed Hubbard to a four-year, $33.2 million deal ahead of the team’s trip to Munich, Germany to face the New York Giants on Sunday. Of that $33.2 million, $15 million is guaranteed, a league source told The Observer.

At $8.3 million per season, Hubbard’s deal shakes out as the ninth-highest per-season average among running backs. He’s making less per year than Rhamondre Stevenson of the New England Patriots and David Montgomery of the Detroit Lions.

Hubbard, who currently ranks fifth in the NFL with 665 rushing yards, has been a dependable, consistent asset on offense this season. His stock has only risen since last year’s breakout campaign, and he has proven to be durable despite being a bell-cow featured back in a running back rotation. He’s also been a strong locker-room leader and tone-setter in practice for the past two seasons.

Here are three thoughts on the Hubbard extension:

Panthers try to make sure they aren’t wrong again

The Panthers have traded away homegrown stars Christian McCaffrey, DJ Moore and Brian Burns over the past three seasons. They’ve also let fan favorites like Haason Reddick, Frankie Luvu and Jeremy Chinn cash out elsewhere.

While Dan Morgan has only been GM for three of those departures (Burns, Chinn and Luvu), his connection to the previous staff puts him in the line of fire — fair or not — for criticism when it comes to failing to retain top-tier players. Thursday, the Panthers made sure another good player didn’t walk out the door.

Hubbard has been as steady as they come this season. He rarely loses yardage, and he has expanded his game on passing downs.

The fan base has been openly frustrated that the team has moved away from homegrown players consistently. McCaffrey, Moore and Burns are all having better production elsewhere, and Hubbard leaving would have led to more egg on the face of the reshaped front office.

Yes, Hubbard getting paid before second-round pick Jonathon Brooks ever plays a down looks a bit odd on the surface. But in actuality, the Panthers know very little about what they have in Brooks coming off major knee surgery.

Hubbard and the Panthers getting ahead of Brooks’ return from recovery was shrewd on both sides. The Panthers created a reward for one of their consistent leaders, while also sending a message to the locker room and the fan base that good players will be paid here and have a future. Hubbard, also, never lost negotiating leverage due to the performance of a talented rookie.

Look away from that Miles Sanders behind the curtain

Predictably and understandably, the pessimistic onlooker is going to criticize how much the Panthers have invested in running backs. They paid Hubbard like a top-10 running back (which he is statistically), they traded up in the second round to select Brooks as the first running back off the board, and they retained the highly paid and under-performing Miles Sanders through the trade deadline.

But the reality is that Sanders’ salary was guaranteed whether he was on the roster or not, and his contract was the responsibility of the previous staff, including notable advocates like Frank Reich and Duce Staley. Sanders might not even make it to the season’s end on the 53-man roster given his lack of performance, and Brooks is actually a bigger question mark now than when he was drafted in April following a longer-than-expected absence from the field.

Hubbard, meanwhile, is tried and true. He is durable, reliable and versatile — three traits he has grown into during his four-year career. Brooks, while part of a strong rookie class to this point, could fail to regain form after his ACL surgery. His knee repair is a bigger risk than the money that was given to Hubbard in what appears to actually be a two-year deal with two one-year, non-guaranteed options through 2028.

The Panthers are simply ignoring the sunk cost from Sanders and the curiosity that comes with Brooks, and in turn, paying a player who has delivered at every turn this season.

Culture matters, and Hubbard is a culture captain

Hubbard isn’t a rah-rah guy. He’s a reserved, quiet type who outworks almost everyone. Throughout training camp and the regular season, he spends 40 minutes to an hour after practice catching balls off a JUGS machine.

Hubbard is the guy who puts his head down and works and then you suddenly realize he’s top five in rushing yards heading into the midway point of the campaign. The Panthers wanted to show they could reward a player who has completely bought into the system and the offense and proven himself to be a locker-room ally to head coach Dave Canales.

After the Panthers traded away former Pro Bowl wideout Diontae Johnson for pennies on the dollar, it was also important for them to reward good performance and behavior. Hubbard has handled both sides of the coin with class, dignity and workmanship.

Like cornerback Jaycee Horn, who figures to also eventually cash in on a contract extension, Hubbard doesn’t have a captain “C” on his jersey. But there is no question that they are their units’ most valuable players at this point. They are also consistently showing signs of being lead dogs for the staff. With Hubbard signed for the long term, the Panthers should pursue the captaincy for the Canadian playmaker.

He deserved the contract extension as well as the merit of being listed as a captain.