Reportedly, the subpar 2007 season from Panthers defensive end Julius Peppers isn’t affecting the team’s assessment of him for the purposes of a possible contract extension.

Of course, the report originates with Peppers’ agent, which makes it immediately suspect.

How couldn’t a decline by Peppers in 2007 be a factor in determining the amount of money that the franchise is willing to invest in him?  Even if he has a strong season in his contract year, no prudent franchise would simply shrug its shoulders at such a bad season when the player presumably wants to be paid as much or more than other top defensive ends.

We think that, at best, the Panthers have yet to make a final decision on Peppers.  If the Panthers had decided to try to keep him, they would have made a big push to do so right now, before his leverage goes up via a solid contract year.

Sure, dangling a carrot will prompt Peppers to go even harder in 2008, but as his performance increases this coming season, so will his potential market value.

Another reality for the Panthers is that they don’t, as a practical matter, have the ability to use the franchise tag on Peppers in 2009.  Amid reports that his cap number is $14 million in 2008, his one-year salary as the franchise player would be 120 percent of that amount, pushing his cap charge next year to nearly $17 million.