The new year started for Carolina Panthers owner David Tepper being $300,000 lighter in his considerably large wallet, and the money is likely to continue to fly out of Charlotte in what he hopes will be a change in fortune for his NFL franchise.
Tepper, whom Forbes estimates has a net worth of $20.6 billion, got the largest fine for an NFL owner in more than a year when the NFL handed down its punishment for what it called "unacceptable" behavior following Tepper throwing a drink at Jaguars fan(s) in Sunday's blowout loss in Jacksonville.
The fine came with a statement from Tepper that did not include an apology, and he also avoided any game suspension from the league.
The fine itself was a drop in the bucket for someone of his megawealth, one of the richest owners in both the NFL and all North American professional sports. But it highlights how the Panthers owner has burned through money recently after the league warned its owners of wasteful spending.
"His actions show he doesn't care about the money," said a source who's familiar with Tepper's thinking.
Tepper fired former head coach Matt Rhule in 2022, less than three years into his seven-year contract. But Rhule had specific offset language in the contract, and he and Tepper are still in dispute over roughly $5 million. A source tells CBS Sports the case is still in arbitration and should be heard in 2024.
Tepper fired head coach Frank Reich 11 games into a four-year contract this season. Reich, 62, is a two-time NFL head coach and it's probable he won't coach again, meaning he's likely due the balance of his contract that would be in eight figures.
The Panthers hired one of the largest and most heralded coaching staffs in the league less than a year ago. Depending on the fates of the remaining staff, Tepper could be on the hook for the remaining contracts of several respected and well-paid assistants.
Tepper is about to embark on a head coach search for the third time in his six years of Panthers ownership, with his sights set on Lions offensive coordinator Ben Johnson. CBS Sports can confirm Tepper has hired a search firm to help with the process. The future of general manager Scott Fitterer is also unclear in Carolina. If Tepper fires Fitterer, he'd potentially have to pay the balance of that contract over time as well as a deal for the new GM.
"He's good for business," said one coaching agent. "Obviously, money means nothing to him."
Having some of the deepest pockets in the league is an objective advantage. In a league with incredible parity and a hard salary cap, a team having better financial resources can be beneficial when attracting employees both on and off the field.
And the hedge fund billionaire has plenty of resources. Bloomberg reported this week that Tepper's $17 billion hedge fund made him nearly $2 billion off tech stocks.
But his deep pockets could also leave him vulnerable. CBS Sports previously reported the Panthers' job could be viewed as a "leverage job" to get coaches paid higher salaries elsewhere.
The NFL informed teams at a 2022 league meeting that owners had spent $800 million over the previous five years on fired coaches and personnel staffers. It was a way to remind owners to be patient and not squander millions.
That figure is the same amount estimated for the Panthers' would-be team headquarters in Rock Hill, South Carolina. That $800 million project ultimately stalled in 2022, and Tepper's company had reportedly spent more than $175 million on it before it was ultimately demolished in 2023.
