The Penrith Panthers finally came up short in 2025, ending their run of dominance at the top of the NRL.
Despite that, it was a transformative year for the Panthers where, by the end, they actually didn't go all that far backwards.
Despite sitting at the bottom of the table approaching the midway point of the season, they went on an incredible run through the second half of the year to make the top eight, then had knockout final wins over the New Zealand Warriors and Canterbury Bulldogs, before a trip to Brisbane with a sixth grand final appearance in a row on the line proved to be too much.
That all said, the Panthers youngsters will be better for the run, and the way their squad is shaping up for the years to come, you'd be hard pressed to suggest they won't find a way to win another competition in the next few seasons.
For a side who have had such remarkable success, they are exceptionally stable moving forward, with their spine locked up for at least the next two years, and plenty of emerging talent ready to join other players who are locked in.
That comes really as head coach Ivan Cleary looks to continue refreshing a squad that has fallen short of few major obstacles faced throughout their run of success.
Current Penrith Panthers 2027 squad
Paul Alamoti, Nathan Cleary, Jack Cogger, Dylan Edwards, Mitch Kenny, Moses Leota, Liam Martin, Casey McLean, Jesse McLean, Isaiah Papali'i, Luron Patea, Billy Phillips, Billy Scott, Izack Tago, Blaize Talagi, Brian To'o, Isaah Yeo
Off-contract at the end of 2026
Jack Cole, Matthew Eisenhuth, Luke Garner, Liam Henry, Lindsay Smith, Scott Sorensen, Trent Toelau
Current best 17 for 2027
1. Dylan Edwards
2. Paul Alamoti
3. Casey McLean
4. Izack Tago
5. Brian To'o
6. Blaize Talagi
7. Nathan Cleary
8. Moses Leota
9. Mitch Kenny
10. Luron Patea
11. Liam Martin
12. Isaiah Papali'i
13. Isaah Yeo
Interchange
14. Jack Cogger
15. Billy Scott
16. Billy Phillips
17. Jesse McLean
When you run your eye over the side Penrith are currently heading towards 2027 with, the big issue is depth in the forward pack.
Right now, the bench features a half, a fringe dummy half, a yet to debut lock forward, and an outside back.
Maybe there will be some adjustment there if Penrith manage to re-sign gun prop Lindsay Smith and representative calibre second-rower Scott Sorensen, as well as Liam Henry and Luke Garner, but right now, given salary cap pressures and the offers those players are likely to get from other clubs, you'd hedge a bet that two, or maybe even three, of those players are going to leave.
It means Penrith will be looking further afield for young forwards who can fit into their culture of work rate and energy without costing an arm and a leg. Given the big-money deals they have out across their spine, signing anyone on big money is likely going to be an impossibility.
The backline appears relatively set, although, again, depth could be a possible issue with some suggestions Jesse McLean is looking for the exit, and the long-term role of Izack Tago potentially up in the air as well.
Option 4: Tom Chester (North Queensland Cowboys)
Backline options aren't going to be the primary focus for the Panthers heading into the 2027 free agency window, but they will still need to look at adding depth, and players who can challenge the current crop for spots.
Given the way Penrith barely used Paul Alamoti until the back-end of the season, will be hoping Thomas Jenkins' 2025 wasn't a flash in the pan, could let Jesse McLean leave, and have lost Daine Laurie as their back-up fullback to Dylan Edwards, there are questions.
Tom Chester at the Cowboys has struggled enormously with injuries in recent times, but has proven himself as an NRL level talent at both fullback and centre.
If you were to sign one player to cover both of those roles, adding competition and depth to the first-grade side, then Chester could well be the best option on the open market.
A fullback by trade, he has become a very solid centre option in Townsville under the coaching of Todd Payten, but there is a real feeling that a move away from the Cowboys could actually see him go to another level.
He is the sort of player who would potentially force his way into Penrith's best 17 as he continues to improve, although, like the Cowboys, there could be a wait on any official contract play for Chester as he returns from his latest injury set back at the start of 2026.
I think Ivan will be looking more to who is coming through the Panthers’ pathways, than looking to buy on the open market. Cap space will be limited, and none of these guys will be a bargain-basement buy.