The Panthers are signing punter Michael Palardy to a three-year, $7.52MM contract extension, a source tells Tom Pelissero of NFL.com (on Twitter). The new deal keeps Palardy in place through 2021 and puts him in the top ten of punter compensation. 
The deal, which includes a $2MM signing bonus, represents a big step up for Palardy. The punter was released by seven different teams before making his debut in 2016, so he’s undoubtedly appreciative of the new pact.
Palardy, 26, joined the Panthers in 2016 after Andy Lee was lost to injury. He has a career net average of 41.1 yards per boot and set the Panthers’ franchise record for single season net punting average last year.