The Steve Smith Situation has taken up the bulk of Panthers’ offseason talk, despite some saying it’s not the most important issue.

Ok, maybe it’s not some, perhaps it was just me saying that last week. But since I keep getting asked a.) what’s going to happen and b.) when’s it going to happen, I wanted to send out an update on the eve of the new league year.

Unfortunately, there’s not a whole lot to update as of Monday afternoon.

If the Panthers have made a call on Smith’s future, few know what that decision is right now. Even less are willing to talk about it. I’m not sure Smith knows himself. But here are two reasons it could either all come to a head Tuesday afternoon, or why it may not.

WHY IT WOULD MAKE SENSE FOR THE PANTHERS TO CUT SMITH TUESDAY

1.) Money. The Steve Smith Situation isn’t about money, but if the Panthers have decided to part ways with the best player in their history, it makes sense they’re waiting until Tuesday to make it official. The new league year starts at 4 p.m. ET Tuesday and Smith has to be on the roster at the start of the league year for the team to designate him a June 1 cut. That’s important because it would allow the Panthers to spread out Smith’s remaining salary cap hit over the next couple years instead of having to deal with it all this year. Again, for a good read on the specifics of his cap hit and other contract details, Over the Cap breaks it down here.

2) Respect. Sure, releasing your most beloved player doesn’t scream respect, but if the Panthers are going to cut Smith, releasing him Tuesday would be throwing him a pretty large bone. While he’s no longer elite, the guy can still play, and the Panthers would be giving him as much time as possible to find potential suitors. If Carolina cuts Smith, they know they’re going to take a PR hit, and he won’t take it well, but affording him time to land on his feet would potentially help soften hard feelings.

WHY IT WOULD MAKE SENSE FOR SMITH TO BE ON THE ROSTER PAST TUESDAY

1) Trade potential. A soon-to-be 35-year-old receiver isn’t exactly tremendous trade bait, but if the Panthers feel they could get something for Smith, they have to keep him on the roster until they can get something done. They’d likely get a third-day pick at best, but Carolina would also have a lot more control over where Smith lands. Releasing him outright means he could wind up inside the division, and good luck facing an angry 89 twice next season.

UPDATE: NFL Network’s Ian Rapoport tweeted this about an hour after I posted this piece.

The #Panthers are attempting to trade WR Steve Smith, per source. Given his $7M cap number and age (34), seems unlikely.

— Ian Rapoport (@RapSheet) March 10, 2014

Unfortunately for those holding out hope Smith will remain with the Panthers, “attempting to trade” is usually a last-ditch attempt by a team trying to get something for a player before they release him.

2) Replacements. The question the Panthers have been asking themselves is: Will his production level in 2014 be worth the snaps Smith would take from other guys and enough to put up with occasional headaches he gives staff and teammates? If the Panthers think they can supplant Smith’s production with other guys, the decision will be one made with the head, not the heart. But if they don’t think they can replace Smith’s production with what’s out there, via free agency and/or the draft, they’ll keep him around for 2014.

With 24 hours to go before the start of the new league year, I don’t have confirmation either way on what’s going to happen. If I had to, I’d GUESS the Steve Smith-as-a-Panther era will officially end Tuesday. If that doesn’t happen, it doesn’t mean it won’t over the next few days, weeks or months. Or I could be completely wrong and Smith will be with the Panthers for a 14th season.

But if that’s going to happen, Tuesday at 4 p.m. ET is the first hurdle Smith and many hopeful Panthers fans have to clear.