Despite a report yesterday by NFL.com’s Vic Carucci, the NFL Network’s Adam Schefter and NBCSports’ Tom Curran says that the Panthers are unlikely to trade Julius Peppers to the Patriots.

Communicating with two sources close to the “Peppers to Patriots” sandstorm that blew up suddenly Monday afternoon, I’ve learned…

1. Julius Peppers would indeed be interested in playing for the Patriots.
2. It’s a virtual certainty that he will not.

The sources, obviously coming from different sides of the issue, didn’t go into greater detail beyond what I’ve shared .. no talk about contracts, salary cap, compensation back to Carolina or fits in the Patriots defensive scheme. That is, as they say, what it is.

While the unlikelihood of the pieces falling together was something I looked at last night, Adam Schefter of NFL.com and the NFL Network was a morning guest on Boston’s WEEI and poured the first bucket of ice water on the notion.

Turns out – as it often does – Schefter was pretty accurate.

I wrote yesterday that since NFL.com was reporting the rumor, that the deal would likely get done. But I guess if it doesn’t come out of Schefter’s mouth, it probably isn’t true. Carucci doesn’t come off looking to good here.

According to Vic Carucci of NFL.com, the Patriots are trying to put together a trade package to acquire Julius Peppers from the Panthers.

According to league sources, the Patriots and Panthers are hoping to complete the deal at some point between the March 22-25 NFL owners meetings and the start of the draft on April 25.

Peppers, on whom the Panthers have placed a franchise tag that assures him of a one-year contract worth $16.68 million, would be converted to outside linebacker in New England’s 3-4 defense.

The Patriots already were looking ahead to the possibility of acquiring Peppers when they shipped Cassel and Vrabel to Kansas City, NFL sources say, because they wanted to clear the salary-cap space necessary to sign Peppers to a new contract that would put him among the higher-paid defensive players in the league. After signing Cassel to a one-year, franchise-tag tender contract worth $14.65 million, New England had nearly $30 million in cap money devoted to two quarterbacks (including $14.62 million for Tom Brady).

Once the Patriots were convinced that Brady would be fully recovered from the season-ending knee injury he suffered last year, they were comfortable with trading his replacement to the Chiefs and putting the wheels in motion to bolster a defense that has gotten particularly old at linebacker. Vrabel and fellow linebacker Tedy Bruschi are well into the twilight of their respective careers.

NFL sources say the Panthers would welcome the chance to unload Peppers for a second-round draft pick, even though it would be well below his market value, because it would be less costly than signing a first-rounder. The Panthers already have made some belt-tightening financial moves within their front office.

This, in part, could help answer the lingering question of why the Patriots were willing to take only a second-round pick for Cassel and Vrabel rather than possibly go for a higher choice as part of a three-way deal involving the Denver Broncos, who were ready to give up Jay Cutler for Cassel. Without an additional second-round pick, the Patriots might not be able to pursue Peppers.

This isn’t surprising news because as the article states, a trade scenario involving Peppers and the Patriots has been rumored for some time now. But what is surprising is that the Panthers would be willing to take a second rounder for Peppers when the compensation for a franchised player is two first round picks. Now granted, if a team is willing to take less, then they can work out a deal for whatever compensation is agreed upon. But a second rounder for Peppers seems weak.

If I’m Carolina, I’m demanding New England hand over the 23rd overall pick. There can’t be that much of a difference between paying the 23rd overall pick and the 34th overall pick (which the Patriots acquired from the Chiefs in the Cassel trade). But the talent level could be.

Regardless, this is an interesting rumor and if NFL.com is posting it, I’m willing to bet a deal gets done. The league’s site doesn’t post any rumors on a whim. And if he does wind up in New England, it’ll be interesting to see how Bill Belichick uses Peppers as a 3-4 outside linebacker. He and Adalius Thomas could make one hell of a pass-rushing tandem. (If Peppers is motivated, that is.)

In a surprising move, the Patriots traded veteran linebacker Mike Vrabel to the Chiefs for an undisclosed draft pick. Vrabel was expected to take a lesser role with New England next year, so this move allows him to start in KC and be a mentor for a young Chiefs team.

On a related note, Patriots beat writer Mike Reiss is speculating that the Vrabel-to-KC-trade could be part of a bigger trade involving quarterback Matt Cassel.

2) Could this be part of a larger deal with the Chiefs that might involve Matt Cassel? The 33-year-old Vrabel was entering the final year of his contract in 2009. He was due to earn $2.2 million in base salary, would receive a $1 million roster bonus, and count $4.3 million against the salary cap.
Given Vrabel’s contributions to the Patriots — on the field and in the locker room — that doesn’t seem like much to digest.

So why make the deal?

From a Chiefs perspective, they had one of the youngest rosters in the NFL last season, and new general manager Scott Pioli understands the importance of veteran leadership in the locker room. Vrabel will provide that in Kansas City, likely as a team captain.

The question is why the Patriots would trade Vrabel.

Well, the Pats only save $3 mil in cap space with this move, so it couldn’t have just been about money. New England might have been toying with the idea of cutting Vrabel, so once they found a trade partner they jumped. At least they get compensation.