The Panthers are sitting last after eight rounds of the 2025 season — but former Broncos coach Kevin Walters is backing Ivan Cleary to steer his side out of its ugly slump.
There aren’t many people more equipped in rugby league to fully understand the dominance of the Penrith juggernaut than Walters, who came desperately close to a triumphant title in 2023.
That was until Nathan Cleary delivered arguably the best 17 minutes of football the NRL has ever seen to snatch a 26-24 victory from Brisbane.
But now, 18 months after that grand final, the Panthers are on the brink of becoming only the third team in the NRL era to drop out of the top eight after winning the premiership.
So how have they found themselves with a clash against the Broncos that could well decide their finals fate, in only Round 9?
Should they win, the Panthers could take their momentum and go on to win a big portion of their remaining 16 games, but another loss and their task almost becomes insurmountable.
“The Penrith of years gone by, their discipline has been amazing with errors and penalties,” Fox League expert Walters — who will feature as part of Kayo Sports and Fox Sports’ Magic Round coverage this weekend — told foxsports.com.au.
“I just feel with that younger group coming through, they aren’t bad, but just not like they used to be and sometimes a penalty or drop ball can really change the momentum of a game.
“Ivan Cleary has talked about that as well, having to defend errors consistently and it just builds pressure, which no one needs happening to their side consistently.
“They’ve got some younger players now who continue to evolve, and those players sometimes come up with errors out of pure pressure from the NRL.
“It’s just a learning experience more than anything else, and they’ve got enough talent there certainly, we’ve seen that. But it’s about applying themselves for the full 80 minutes.”
Walters said suspensions and injuries had also hampered the Panthers so far in 2025, with Mitch Kenny sidelined due to a two-game ban and a shoulder issue.
Dylan Edwards and Nathan Cleary have also sat out at different stages, forcing Penrith’s depth to be tested after a raft of poaching raids left their squad decimated.
Jarome Luai and James Fisher-Harris departed ahead of the 2025 season and before that, Matt Burton, Viliame Kikau, Api Koroisau and Stephen Crichton also moved on.
Throw into the mix rival NRL clubs picking at their pathways, with the likes of Keegan Russell-Smith, Luke Hanson and Isaiah Iongi being highly touted before being plucked away.
“The Storm have been continually raided over the years, and the Broncos to a degree, but the Panthers the last four years have been the club under the most pressure,” Walters said.
“Their salary cap and releasing players. You could put a team together that have left the Panthers and they would beat most teams today.
“That’s been a tough one to get their head around, to continually produce the talent that comes out of their systems is amazing.
“They’ve got that talent still today coming through, they just might need a little bit longer this time given the last four years and how they’ve lost players.
“It’s amazing what they’ve built there in Penrith and they continue to develop players and bring them into first grade, and then they lose them because they can’t keep them all.”
So if Cleary can fix their discipline and their big-name stars can stay on the park, Walters is confident they can make a push for finals.
However, the importance of one man could be paramount — Liam Martin.
The 28-year-old back rower is Penrith’s spiritual leader and the former Broncos coach said he could inspire this Panthers side back to the promised land.
“The Panthers as a whole, they’ve just been a little bit down across a few markers. But when he’s got his game on, he’s one of the best second-rowers in the competition,” Walters said.
“His leadership is something that the Panthers are looking to at the moment. I love the way he goes about his football… if he can bring it most weeks, it puts the Panthers in a strong position.
“He’s been one of their strongest players over the last four or five years… defensive speed, line speed all that stuff (he excels in).
“He’s an aggressive style of footballer and loves the contact as such and I am sure he will be enjoying himself on Sunday against the Broncos.
“What’s first and foremost in their hands is getting back to the Panthers style. When they get back to that, the wins will come.
“It could all turn around this weekend for them against the Broncos. I was foolish enough early in the season to write them off in a game. I won’t be doing that again.”
Penrith, however, don’t have much room for error.
Historically, 14 wins guarantees a spot in the finals, while the Titans were able to scrape in during the 2021 season with just 10 victories.
Therefore, Cleary’s outfit must win between 10-12 of their remaining 16 games to be in the hunt.
“It’s getting very tight for them from a win-loss perspective, so they certainly need to win and that starts this weekend. Can they win against the Broncos? 100 per cent they can,” Walters said.
“They just have to bring their best football for the 80 minutes. I’m sure the Broncos, if they bring their best football, as well would be confident.
“It shapes as a great match-up on Sunday afternoon up here at Suncorp.”
The Broncos, meanwhile, have found patches of success under new coach Michael Maguire, who replaced Walters after the 2024 season.
A pair of surprising losses against the Roosters and Warriors was followed by their best performance to date against the Bulldogs, who had won six straight before the clash.
Again, few know the inner workings of the Broncos more than Walters — who is almost certain they will be contending for a premiership under their new mentor.
“They are in a premiership window,” he said.
“Their last match against the Bulldogs was very impressive, the way they came out and started. They’ve had good patches this year and also some that haven’t been quite as good.
“The Raiders and Roosters games come to mind, and over in New Zealand. It’s early days as well I guess, and they still have a very strong roster there.
“I expect the Broncos to sort their small issues out and get themselves firing and ready for what will be a good season for them.”