The productive 34-year-old will return to the NFL for his 12th season as the Panthers revise his contract. Thielen has stayed consistent in his late career, finishing the 2024 season with a 48/615/5 line in 10 games after 103/1,014/4 in 17 games for 2023. The Panthers get him back as a productive veteran to help QB Bryce Young and his development. His ability to be a high-volume target-earner throws Thielen into the fantasy WR4 discussion for the 2025 season.

It’s a bit of a complex situation because Thielen will turn 35 before the season and has also debated retirement, so the Panthers can’t exactly sign him to a long-term contract. Person speculates that the Panthers could convert Thielen’s per-game bonuses into guaranteed money as a sign of good faith. Thielen has been hinting that he wants a new contract and he certainly showed great chemistry with Bryce Young in Thielen’s 10 appearances last year.

Thielen is entering the final year of a three-year deal he signed with the Panthers back in 2023 but can be cut for a dead cap hit of $5 million. The soon-to-be 35-year-old receiver caught 48 passes for 615 yards and five touchdowns in just 10 games while averaging 12.8 YPR — his highest mark since 2019. His 62 targets were second only to Xavier Legette’s 84 but Legette appeared in six more games than Thielen. A savvy route runner who continues to stay a step ahead of Father Time, Thielen has a chance to remain the Panthers’ WR1 in 2025 if he returns to the team. Regardless of where he plays, it sounds like any conversations around a possible retirement have been shelved for at least one more year.