Phillips agreed to a four-year, $120 million contract with the Panthers on Monday, Ian Rapoport of NFL Network reports.
Phillips' massive new contract won't be finalized until the new league year begins Wednesday. Carolina is banking on a return to form for Miami's 2021 first-round pick, as Phillips had just 6.0 sacks in 21 games split between Miami and Philadelphia over the past two regular seasons after notching at least 6.5 sacks in each of his first three campaigns with the Dolphins.