Im confused

The situation, from the Charlotte Observer is this:

The general consensus at the combine, where virtually the entire league is gathered, is that Julius Peppers is more likely to be back playing for the Panthers next season than he is to be traded as a franchise free agent.
 
The widely-held thinking in Indy seems to be that no team will be willing to give up what it would take to wrest Peppers away from the Panthers. And there is similar agreement that the Panthers are intent on keeping Peppers and don’t want to trade him.

The bottom line is the leverage of the situation changed dramatically, switching to the Panthers’ favor, on Thursday when Peppers was franchised.

As for Peppers possibly holding out in order to get what he wants, he said the day after the season ended that he doesn’t think that’s the best way to do business. Plus, he’s 29 — not a good age to be sitting out — and has a $16.683 million offer sheet in front of him.

But it’s also likely that he won’t easily give up on his desire to continue his career elsehwere. That might mean playing for the Panthers for at least one more season, then he might try to find a way out a year from now.

Peppers has a franchise tender and cannot be traded until he signs it, which means any trade discussions must go through his agent, Carl Carey. Under the terms of the collective bargaining agreement, Carolina is prohibited from discussing a deal for Peppers with another team. If the Panthers did, it immediately would bring an NFL Players Association grievance.

Cassel had a signed contract and was trade-able, just like any other player with his contract. Once he signed the franchise tender, he forfeited his rights to broker a deal. It’s why the Patriots were able to trade Cassel to the Chiefs on Saturday morning without the blessing of the quarterback and his representative.
These are minor points but points of clarity. New England was able to trade Cassel. Carolina cannot trade Peppers — not until he has signed his franchise tender, which he has not. And it’s hard to envision finding a team that would satisfy Peppers’ wishes and the Panthers’ asking price.