Systems and methods for protecting external memory resources to prevent bandwidth collapse in a network processor. One embodiment is a network processor including an input port configured to receive packets from a source device, on-chip memory configured to store packets in queues, an external memory interface configured to couple the on-chip memory with an external memory providing a backing store to the on-chip memory, and bandwidth monitor configured to measure a bandwidth utilization of the external memory. The network processor also includes a processor configured to apply the bandwidth utilization of the external memory to a congestion notification profile, to generate one or more congestion notifications based on the bandwidth utilization applied to the congestion notification profile, and to send the one or more congestion notifications to the source device to request decreasing packet rate for decreasing the bandwidth utilization of the external memory.