(CBS) The Bears have traded linebacker Jared Allen to the Panthers for an undisclosed 2016 draft pick, the teams announced Monday afternoon.

“We had some depth at the linebacker position and were able to reach an agreement with the Panthers to bring a 2016 draft pick to our team in exchange for Jared Allen,” Bears general manager Ryan Pace said in a statement. “Whether it is acquiring additional picks or signing players, we will continue to be aggressive in finding ways to improve our football team.

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“We appreciate Jared’s contributions and wish him the best in Carolina.”

Fox Sports first broke the news of the trade. ESPN reported it’s a conditional pick coming back to Chicago, one believed to be a late-rounder.

Allen’s exit wraps up a disappointing tenure in Chicago, which signed him to a four-year deal in March 2014. He had just five tackles and no sacks in the first three games of this season as he struggled to transition from an end in a 4-3 scheme to outside linebacker in a 3-4 defense. Allen had 5.5 sacks in 2014.

The Bears will pay Allen about $11.7 million this season, according to The Score’s Dan Durkin. That comprises the $11.5 million Allen was guaranteed, plus three games checks of his $1 million salary. The Bears have no further financial obligation to Allen after that.

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Bears linebacker Pernell McPhee commented on the trade during his press conference.

“We lose a leader,” McPhee said. “A leader out of our locker room, a great guy.”

Added defensive end Jarvis Jenkins: “He’s going to be missed.”

The NFL’s active leader in career sacks, Allen was in his second season with Chicago, having made the move from defensive end to outside linebacker to fit Vic Fangio’s 3-4 defense. He recorded 5.5 sacks in 2014 and was without a sack in three games of this 2015 season.

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Chicago’s record currently stands at 0-3 after Sunday’s 26-0 loss in Seattle. The Bears next play against the Raiders on Sunday at Soldier Field.