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 5: Ata Mariota (Canberra Raiders)
Back to the forwards for the final option at the Panthers, and they could well have a look at another Raider in Ata Mariota.
A hard-hitting middle forward who will step into an increased role in the Nation's Capital in the coming years, the Raiders are yet to lock his services down beyond the end of 2026.
He is yet to hit the enormous potential he carried into the competition with him, but at just 23 years of age, still has plenty of time to get there.
He already has 66 matches under his belt, and has played a real role for Canberra in limited minutes as the club pushed to a semi-final this year, and won the minor premiership on the way.
While Mariota isn't the standout name in Ricky Stuart's side, there is little doubt him holding out for free agency on November 1 indicates he is going to explore his worth elsewhere, and club's like Penrith - without huge cash but looking for forward pack re-enforceents - could be interested.
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.