Reports of serious trade talks between the Panthers and Giants regarding Brian Burns emerged one day before the teams worked out an agreement for the Pro Bowl edge rusher. Initial conversations on that front began much earlier, however. 
Panthers general manager Dan Morgan first discussed the possibility of a Burns trade with Giants counterpart Joe Schoen in February, as chronicled in the debut episode of the 2024 Hard Knocks: Offseason series (video link). Morgan’s comments to Schoen – along with Bills general manager Brandon Beane, who shares a longstanding relationship with the pair – made it clear Burns was available.
Carolina rejected a Rams trade offer of two first-round selections when Scott Fitterer was at the helm. His dismissal allowed Morgan to take over, but in the absence of an extension agreement a move seeing the 26-year-old join a new team became increasingly feasible. Morgan’s conversation with Schoen began with an asking price of two Day 1 picks before quickly being lowered to “a one and something.”
The latter price was a more logical one considering the fact Burns was set to play on the franchise tag in 2024. Needing to be extended upon arrival, his trade value for an acquiring team was far lower than it was at the time the Rams proposal was rejected. Giants director of pro scouting Chris Rossetti also pegged Burns’ acquisition cost as a first-rounder and more, although Schoen remained optimistic the lack of progress on extension talks could lower it (h/t Dan Duggan of The Athletic).
In the end, the parties worked out a trade agreement in March. The Panthers sent Burns and No. 166 in the 2024 draft to the Giants for picks No. 39 and 141 in addition to a fifth-round selection next year. New York moved quickly in hammering out a five-year, $141MM extension which will make the Florida State product the focal point of the team’s edge rush. Expectations will be high as a result, with Burns representing a new big-ticket contract on the Giants’ books.
For the Panthers, meanwhile, the return was greater in value than the compensatory selection the team would have received following a Burns free agent departure after the 2024 campaign. Carolina can move forward with considerable cap flexibility, although the sack artist’s absence will no doubt be felt amongst the team’s remaining edge contingent. Considering their ties stemming from their Panthers days, Morgan and Schoen could use the Burns deal as a blueprint for future trade negotiations.