While a trade with New England makes sense, getting only a second-round pick (34th overall) seems a little low. Still, Carucci reported the teams hope to complete the deal sometime between the NFL owner's meetings on March 22-24 and the NFL draft on April 25. Several Boston-area media outlets have disputed the report.

The 34th pick is the second pick in the second round and, interestingly enough, was obtained in a trade in which the Patriots sent quarterback Matt Cassel to the Kansas City Chiefs.

Peppers has been the foundation of the team's defensive line since 2002 and has averaged more than 10 sacks per season. He's been to four Pro Bowls and is one of the top five players in the league at his position. He's worth more than just a second-round pick, even if it is a high one. So look for Carolina to hold out for more.

Because he's their franchise player, Peppers can't be traded until he first signs the team's franchise tender. And he isn't going to sign it until a deal is in place with a team he wants to play for. So essentially Peppers holds the cards as to where he plays next season. And remember, Peppers greatly decreased Carolina's options when it leaked out that he only wants to play for four teams, only one of those being in the AFC.

--The Panthers opened their off-season conditioning program on Monday, but defensive end Julius Peppers did not report. Peppers typically works out on his own in Arizona.

QUOTE TO NOTE: "By the rules of the CBA, we cannot and have not had any conversations with other teams about Julius. Under the non-exclusive franchise tag, Julius and his agent Carl Carey are within their rights to talk to other teams about a potential contract. However, at this point, we are not aware of any such conversations." -- Panthers general manager Marty Hurney in a prepared statement regarding an internet report the team might be trading Julius Peppers to New England.