CHARLOTTE, N.C. -- The Carolina Panthers on Thursday rewarded running back Chuba Hubbard with a four-year contract extension that will run through 2028.

The deal, according to a league source, is worth $33 million with a maximum value of $37.2 million and $15 million in new fully guaranteed dollars.

The move is part of general manager Dan Morgan's plan to keep core players as he rebuilds a roster that has seen the organization go through six straight losing seasons.

The deal was announced less than 24 hours after the Panthers activated second-round pick Jonathon Brooks to the 53-man roster.

There was speculation after the draft that the former Texas running back would replace Hubbard when the rookie was fully recovered from ACL surgery last November. The new contract shows coach Dave Canales' commitment to the running game that will utilize multiple backs.

Hubbard is fifth in the NFL in rushing with 665 yards and 10th in rushing first downs with 33. He has a team-leading six touchdowns. He is sixth on Carolina's all-time rushing list with 2,645 yards.

Hubbard, selected in the fourth round of the 2021 draft, would have been a free agent after the season.

The Panthers -- 2-7 heading into Sunday's game against the New York Giants in Munich, Germany -- are expected to make a run at extending the contract of cornerback Jaycee Horn, a core player on defense.