Compensatory Picks are great and now they are even more valuable. For example, many teams like the Ravens know how to manage free agency so they can get something in return from their free agents.
In addition to the 32 selections in each of the seven rounds, a total of 32 compensatory picks are awarded to teams that have lost more or better compensatory free agents than they signed in the previous year.
So what does this mean? By letting Josh Norman leave and him signing the mega contract with the Redskins, the team will now received a late third round pick in exchange for Norman.
The Panthers can now look for teams that have cornerback depth and trade that pick in the future for him, or use it with other picks to land a cornerback. If they do not want to trade it, they can use it and likely get a player in the top 100 of the 2017 NFL Draft.
In the end it made sense for the Panthers, they freed up cap space and will received a third rounder.