The Penrith Panthers have become the NRL’s benchmark club, producing back-to-back premierships and a modern dynasty. But behind every title has been a string of bold recruitment calls, retention battles, and gut-wrenching departures.
As the 2025 trade period shapes up as one of the most dramatic in years, we look back at the 10 biggest Panthers moves of the 21st century that shaped the club’s rise — and what they mean for the next wave of stars.
1. Nathan Cleary’s Long-Term Deal (2019–2024)
Locking in Cleary until the end of 2027 was the single most important retention in Panthers history. The son of coach Ivan Cleary, Nathan has become the face of the club and the NRL itself. This deal cemented the dynasty.
2. Ivan Cleary Returns (2019)
After a messy exit in 2015, Ivan Cleary’s return to the Panthers in 2019 reshaped the club’s culture. He oversaw the transformation of Penrith’s juniors into one of the greatest systems the game has seen.
3. James Maloney Signing (2016)
The arrival of Maloney brought experience and swagger. He guided the Panthers’ young core through their formative years, setting the foundation for Cleary and Jarome Luai to take over.
4. Jarome Luai’s Departure to Tigers (2024)
The club made a painful call to let Luai walk to the Wests Tigers on a reported $4.5m deal. It was a reminder that even dynasties have salary cap casualties, and it set the stage for young halves to step up.
5. Matt Burton to Canterbury (2022)
Burton’s breakout as a Clive Churchill Medal-winning centre in 2021 made his exit to the Bulldogs bittersweet. It underlined Penrith’s incredible depth but also showed how hard it is to retain emerging stars.
6. Api Koroisau to Tigers (2023)
Losing Koroisau, arguably the NRL’s best hooker, was a huge blow. His move to the Tigers was one of the clearest examples of Penrith’s “next man up” philosophy, with Mitch Kenny filling the void.
7. Viliame Kikau to Bulldogs (2023)
Kikau’s departure was another painful salary cap decision. A devastating edge forward, he was part of Penrith’s golden era before the Bulldogs lured him with a monster deal.
8. Re-Signing of Dylan Edwards (2023)
Once considered a battler, Edwards has become a modern great. The Panthers’ decision to extend him long-term rewarded loyalty and locked in one of the most consistent fullbacks in the NRL.
9. 2020 Youth Explosion
The promotion of young stars like Brian To’o, Stephen Crichton, and Liam Martin into the first-grade squad was less a single “move” and more a masterclass in development. This moment cemented Penrith’s production line as the envy of the league.
10. Craig Gower’s Departure (2007)
Former captain Gower’s exit to French rugby was a seismic shift at the time. It marked the end of one era and forced the Panthers to rethink their identity heading into the late 2000s.
The 2025 Trade Period: What’s Next?
With Jarome Luai gone and rivals circling other stars, Penrith faces another critical phase. Questions loom around keeping Brian To’o, Liam Martin, and young forwards rising through the ranks. Can the Panthers balance the books and extend their dynasty into the next decade, or will 2025 mark the start of a gradual decline?
One thing is certain: history shows the Panthers’ biggest moves often define the NRL landscape.
