Jernigan has a meniscus injury and did not practice all week. Monroe had arthroscopic knee surgery and could be sidelined for at least a few games.
Meanwhile, veteran defensive end Chris Canty is questionable after not practicing all week due to knee and calf injuries. He's regarded as a game-time decision and the Ravens could start DeAngelo Tyson in his place. They also claimed former San Diego Chargers defensive lineman Lawrence Guy off waivers for depth.
Outside linebacker Terrell Suggs returned to practice after being held out Wednesday and Thursday with a groin injury.
Cornerback Jimmy Smith is probable after practicing the past two days with knee and ankle injuries.
Smith's presence is critical Sunday against the Panthers because of Kelvin Benjamin, a 6-foot-5, 240-pound wide receiver with speed. Smith didn't practice Wednesday.
"Of course I am, I'm ready to play and be the best corner on Sunday," Smith said. "Benjamin is a big kid. He has a great catch radius and has great hands. I feel fine. Missing one day was just a precautionary day."
Panthers running back Fozzy Whittaker (thigh) and offensive lineman Garry Williams (back) are doubtful. Linebacker Thomas Davis (hip) and running back Jonathan Stewart (knee) are questionable and regarded as game-time decisions.