I think the debate is to extend him now or to use the option (based on the final line in the article.) If they extend him now it will be at a lower price than next season as the market for OT most likely continues to rise along with the salary cap each year.
If they are confident in his long term projection, they may prefer to negotiate a deal now to lock him into a deal at a lower annual average.
Given that he has started 40+ games and had his strongest season yet last year, the Panthers likely assume his value will continue to increase.
It may also help them with other contracts that are coming up to negotiate a back loaded deal or a front loaded deal depending on when they aim to have a championship window and when they have to pay their QB after his rookie contract is coming to an end
I don’t follow the Panthers closely enough to know specifically which other players they may be looking to sign to long term deals besides Ekwonu and presumably Bryce Young. Just my two cents!
The Law & Order “dun dun” sound