After giving the Bills one more comeback victory late in the 1993 NFL season, Reich signed with the expansion Carolina Panthers in March 1995 to start off their first year. He threw the first touchdown pass in franchise history to former Bills player Pete Metzelaars in Memorial Stadium in Clemson, as Bank of America Stadium was still under construction. The Panthers had drafted Kerry Collins as their intended franchise quarterback, but Reich was the starter for the first three games until Collins was deemed ready to take the starting job. He was sacked 9 times on Sep 3 at Atlanta, a franchise record he shares with Cam Newton. Coincidentally, Reich and Collins hail from rival high schools in Lebanon, Pennsylvania, with Collins having started his high school career at Cedar Crest's crosstown rival, Lebanon High School (although due to age differences, Reich did not play against Collins in high school).