The deal, according to a league source, is worth $33 million with a maximum value of $37.2 million and a new $15 million fully guaranteed.
The move is part of general manager Dan Morgan’s plan to retain core players while rebuilding a roster that has seen the organization endure six consecutive losing seasons.
The deal was announced less than 24 hours after the Panthers activated second-round pick Jonathon Brooks to the 53-man roster.
There was speculation after the draft that the former Texas running back would replace Hubbard when the rookie fully recovered from ACL surgery last November. The new contract shows coach Dave Canales’ commitment to a running game that will utilize multiple running backs.
Hubbard is fifth in the NFL in rushing yards with 665 and 10th in rushing first downs with 33. He has a team-leading six touchdowns. He ranks sixth on Carolina’s all-time rushing list with 2,645 yards.
Hubbard, a fourth-round pick in the 2021 draft, would have been a free agent after the season.
Panthers offensive coordinator Brad Idzik said Hubbard “embodies a lot of what we want to do here, culturally and on the offensive side.” Idzik isn’t worried about mixing Hubbard with Brooks.
“We just see another good running back that we can add to the group and Chuba is going to do a great job leading the charge,” he said.
Idzik recalled being a 22-year-old graduate assistant at Stanford when he was tasked with searching the Internet for players with good grades. He saw Hubbard, who eventually signed with Oklahoma State, “just a carrier” playing in Canada.
Carolina defensive coordinator Ejiro Evero said extending Hubbard was not only great for the offense, but “great for our team.”
“This guy embodies what you look for in a football player and a teammate,” he said. “He’s a great guy in the locker room. He does things the right way. He’s possibly, probably not even arguably, the hardest worker on our team.
“I mean, this guy is relentless in what he does and his approach.”
The Panthers (2-7 heading into Sunday’s game against the New York Giants in Munich, Germany) are expected to try to extend the contract of cornerback Jaycee Horn, a core player on defense.
