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 1: Morgan Smithies (Canberra Raiders)
Given it's forwards and depth in the forwards where the Panthers look as if they need re-enforcements heading into 2027, they will be looking for players who will be able to fit into what they have built over the last six seasons without breaking the bank.
Smithies from the Canberra Raiders should tick both of those boxes.
An excellent hard-hitting middle forward, Smithies has been exceptionally impressive since arriving from England, and the green machine will be a little concerned he is set to arrive on November 1 without a deal beyond the end of 2026 in place.
They would likely have a growing role for him in the coming seasons given the retirement of Josh Papalii, and beyond that, Joseph Tapine also approaching the back-end of his career.
He has all the makings of a regular NRL starter, and while he may well be kept on the bench at the foot of the mountains pending on how they go with Lindsay Smith's contract, he is the type of player plenty of clubs could have a look at.
He has come up elsewhere in this series, and with good reason.
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.