Updated Sept. 21, 2009 @ 3:01 p.m. ET

Every Monday morning during the regular season we bring you an expanded "Way We Hear It" item.

First the good news.

Panthers QB Jake Delhomme looked like a much different quarterback in Week Two than the one who couldn't have looked worse in his two previous games — against the Cardinals in the playoffs last season and vs. the Eagles in this year's regular-season opener.

From his first pass in the Panthers' game Sunday against the division-rival Falcons — a beautifully thrown 27-yard completion to top target Steve Smith (eight catches for 131 yards) — to his last pass — a desperation "Hail Mary" that Dwayne Jarrett almost turned into a miracle catch that would have given the Panthers a last-ditch chance for a victory — the 34-year old quarterback looked more than worthy of the five-year, $42.5 million contract extension he received this offseason despite his absolutely awful postseason performance vs. the Cardinals.

After committing 11 turnovers against Arizona and Philadelphia. Delhomme had only one (a late interception) Sunday against the Falcons and did everything he could to keep his team in the game.

The bad news?

Two games into the 2009 season, the Panthers look like a much different team than the one that looked so impressive last season posting a 12-4 record on the way to a NFC South title.

After losing 28-20 to Atlanta and already falling two games behind the Falcons in the NFC South, head coach John Fox's troops are certainly not out of the '09 playoff picture.

But they are most definitely down.

Team insiders believe there are other preseason occurrences currently contributing to the Panthers' funk.

Strapped for cash after putting the franchise tag on DE Julius Peppers, the team couldn't sign any significant free agents. Had they been able to reach an agreement with Peppers on a long-term deal, the Panthers could have lowered his cap number to create room to shore up other areas, but GM Marty Hurney failed to do that, and Peppers' foot-dragging certainly didn't help matters.

Enter the injury bug, which claimed run-stuffing DT Maake Kemoeatu, out for the season with an injury to his right Achilles tendon. Kemoeatu's injury put the spotlight on the Panthers' lack of depth at defensive tackle — a problem that has gotten worse with Nick Hayden, Kemoeatu's main backup, being unable to play against the Falcons due to a toe injury and Louis Leonard, who replaced Hayden Sunday, having broken his left ankle in the late stages of the game, which will sideline him for an undetermined period.

After allowing the Eagles 185 rushing yards in their 38-10 loss in Week One, the Panthers allowed the Falcons (led by RB Michael Turner) to gain 151 yards in Week Two.

The team's pass defense was an even bigger problem against the Falcons, allowing second-year QB Matt Ryan to complete 21-of-27 passes for 220 yards and a career-high three TD passes and register a 122.2 passer rating.

"Depth is a major issue, especially on defense," said one team insider. "They were handcuffed by the Peppers situation for sure. But their draft strategy must also be questioned, with Hurney borrowing a page from Bobby Beathard (under whom he cut his teeth), trading their (2009) first-rounder last year to get 'their guy' (OT Jeff Otah)."

There are some insiders who also believe that Hurney and Fox have too much of an affinity for "nice guys" and not enough "hungry dogs" on the roster to balance things out. Team owner Jerry Richardson — who is fully recovered from a heart attack suffered last season and is clearly back in charge after reshuffling the front office and firing both of his sons — has put forth a mandate to get quality people on the roster so as not to make the team look bad in public. But sacrificing talent for character could be somewhat detrimental in this case.

It's also worth noting the widespread belief that the team has yet to get over the hangover caused by its terribly disappointing playoff effort against the Cardinals last season.

Which brings us back to Delhomme, who we hear is far from being 100 percent secure at the moment, with newly acquired A.J. Feeley expected to get a starting shot should Delhomme revert to the awful form he displayed against the Cardinals and Eagles in the coming weeks.

"How do you not address the QB spot (in the offseason)?" one league source wondered aloud to PFW. "Delhomme was hurt two years ago, and last year he stunk it up. How do you not address that? Last year they put pieces around (Jake). He has two running backs. He has tackles, and he has receivers. He has got to perform. He has got to perform or you need to be grooming someone.

Someone, the league source believes, other than Feeley.

"They should have gone after (Daunte) Culpepper, (Byron) Leftwich or (Jeff) Garcia — they needed to go get an established quarterback," the source said. "When you are on the cusp of a Super Bowl and have pieces in place, you can't count on (injured Josh) McCown or Feeley (if Delhomme can't get the job done). There are not a lot (of established quarterbacks) out there. The window closes quickly. You got a two- or three-year window, and it starts to fall apart."

Said another team source, "They don't want to draft a young quarterback. They only liked one guy (Ryan) coming out (the last few years). They don't want to take the time to groom a guy. Jake's getting up there (in age), and they don't spend money in free agency either, except on (Peppers). So how do you get a quarterback?"

All that said, we hear support in the locker room remains high for Delhomme, with the players believing he currently gives the team its best chance to win. And with 14 games to go, the consensus in league circles is that the Panthers still have plenty of time to get their act together.

"Marty (Hurney) has no need to panic," one league executive told PFW. "Certain teams come out of the gate hot. Arizona got blown out by the Jets and Buffalo early last year. The Jets and Redskins were 5-1. The Jets were 8-2 at one point and burned out at the end. It is a marathon, not a sprint."

But make no mistake: The seats are getting hotter for both Fox and Hurney. Richardson was willing to fire his two sons when they didn't get the job done, and he'll be willing to make changes again this offseason if his team continues to sputter.

Especially if he thinks he has a realistic chance of landing former Steelers head coach Bill Cowher.

Watch for "The Way We Hear It" on all 32 teams each week, Wednesday through Saturday.

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