A Fantasy read on the Carolina Panthers

Last year started off great for Carolina quarterback Jake Delhomme. He was on pace for a career season and one of the best years in NFL history before hurting his elbow.

In the three games Delhomme started in 2007, he passed for 624 yards, eight touchdowns and one interception. Project that over a full season, and Delhomme would have passed for 3,339 yards, 43 touchdowns and five interceptions. He would have finished second to New England's Tom Brady (50) in touchdown passes.

But we'll never know if Delhomme would have reached such heights because the elbow injury ended his season. He needed Tommy John surgery and is trying to make a comeback.

Heading into training camp, Delhomme appears in good shape. He has done well in the offseason with his rehab and is on schedule to start the season.

But Fantasy owners are going to be skeptical with Delhomme this year after what happened in 2007, and for good reason. It's unknown if his arm will rebound to the same form or if he will suffer a setback. Delhomme is also 33 and could start to see a decline in his production even if he was healthy.

Delhomme, however, does have plenty of positive aspects heading into 2008. He plays with one of the best receivers in the NFL in Steve Smith, who saw his stats steeply decline when Delhomme was injured. Smith is excited Delhomme is back.

The Panthers also revamped the receiving corps, adding D.J. Hackett and Muhsin Muhammad as free agents. Along with the development of second-year receiver Dwayne Jarrett and tight end Jeff King, Delhomme has more weapons than ever before in his five seasons as Carolina's starter.

And the Panthers enhanced the offensive line with rookie tackle Jeff Otah and improved the running game with rookie Jonathan Stewart. If Stewart is as good as advertised, Delhomme should have plenty of success with his play-action passing.

Delhomme could be one of the best sleepers in 2008. He will be drafted as a No. 2 Fantasy option, but if his elbow holds up and he returns to form, he'll be starting in all leagues before the year is over.

Positives: His receiving corps could be the best in the NFL. Delhomme has an elite player in Smith and solid complementary options in Hackett, Muhammad and Jarrett. That will help Delhomme's overall play since now opposing defenses can't just focus on Smith. When healthy, Delhomme has been a quality quarterback. He averaged 3,333 passing yards, 22 touchdowns and 15 interceptions from 2003-06.

Negatives: The elbow. He had Tommy John surgery last season and is still not 100 percent. He will also be on a "pitch count" in training camp to limit the number of passes he attempts. He is expected to be fine for the start of the season, but the unknown will scare Fantasy owners. He also doesn't run much since he has only three rushing touchdowns with the Panthers.

Outlook: Take Delhomme as one of the first backup Fantasy options. The uncertainty with his elbow makes him a risky starting option, but if he returns to form with the revamped receiving corps, he has the chance to shine. Look for Delhomme to pass for about 3,500 yards, 25 touchdowns and 12 interceptions in 2008.

Position battle: No. 1 running back

Jonathan Stewart Pro: The Panthers drafted Stewart in the first round of the NFL Draft for a reason. He is the type of running back coach John Fox covets because he's big, fast and runs with authority. Look for Stewart to get yards and touchdowns, and he has the chance to finish the season as the No. 1 rookie running back. Con: He has been slowed this offseason because of a toe injury, which could leave him as a reserve to start the season. If he struggles with blitz protection, he might not see the field as much as expected.

DeAngelo Williams Pro: Williams has been waiting for an opportunity to start after sitting behind DeShaun Foster the past two seasons. Williams is a speed back, which could help him break long runs. He has good hands, so even if he's the third-down back, he will still make plays. Con: Williams couldn't beat out Foster the past two seasons even though Foster struggled. The Panthers are ready to get back to smash-mouth football, which favors Stewart. Williams will get touches, but Stewart will see the majority of carries. Prediction: Stewart starts and is worth drafting as a low-end No. 2 Fantasy option. But Williams will also be a solid Fantasy running back as a No. 3 option. Look for Stewart to surprise many Fantasy owners, and he compares favorably to former Carolina power runner Stephen Davis.

Position battle: No. 2 wide receiver

Muhsin Muhammad Muhammad is returning to Carolina, where he spent the first nine years of his career. He had the best season of his career in 2004 with the Panthers when he had 93 catches for 1,405 yards and 16 touchdowns. He will do well in this offense again with Delhomme and playing opposite Smith. During minicamp, Muhammad was the starter. Con: He will be 35 this season and was terrible last year with Chicago. He has only 12 touchdowns in his past three seasons. He's a good possession receiver at this point in his career, but he will likely have trouble finding the end zone.

D.J. Hackett Pro:Hackett was told he'd be the No. 2 receiver when he signed with the Panthers. In six games last year with Seattle, Hackett had 32 catches for 384 yards and three touchdowns. Project that for a full season, and Hackett would have had 85 catches for 1,024 yards and eight touchdowns. If he can do that opposite Smith then he would shine this year. Con: He's injury prone, having never finished a full season in four years. He's already been hurt this offseason with a knee problem. In minicamp, Hackett has been the No. 3 option behind Muhammad. Prediction: Muhammad might win the No. 2 job, but Hackett is the better Fantasy option. Look for both to see plenty of action, and Hackett will likely miss some time with injuries, but Hackett has more upside. Consider both receivers with late-round picks in all leagues.