Butch Dill/Associated Press

Quarterback Teddy Bridgewater and the Carolina Panthers are reportedly finalizing a three-year contract to make him the team's new starting quarterback.

Chris Mortensen of ESPN first reported the deal's details, while his colleague Adam Schefter reported the contract is worth $63 million.

David Newton of ESPN shared full details of Bridgewater's deal in Carolina:

The news comes after the Panthers announced they're giving Cam Newton permission to seek a trade, something the QB says he was "forced" into:

Bridgewater started five games for the New Orleans Saints in 2019 while Drew Brees recovered from thumb surgery, and the 27-year-old Miami native showcased a level of form he hadn't reached since earning a Pro Bowl selection with the Minnesota Vikings in 2015.

The University of Louisville product completed 67.9 percent of his throws for 1,384 yards with nine touchdowns and two interceptions across nine appearances. His 99.1 passer rating would have ranked 11th in the NFL if he had enough attempts to qualify.

Finding that type of success again was far from guaranteed while he recovered from serious knee injuries, including a torn ACL, suffered during practice with the Vikings in 2016.

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"Throughout my entire recovery, I had so many people who believed in me," he told Luke Johnson of the Advocate in January. "To see what they were believing in being put on display, it meant a lot. It meant a lot for me to try to do well, and luckily we were able to keep winning. I just continued to find joy."

Bridgewater, who rushed for 401 yards and four touchdowns across his first two seasons, hasn't showcased the same type of playmaking ability with his legs since returning to the field in 2017. He recorded 28 carries for 31 yards this past season.

The 2014 first-round pick showcased improved proficiency as a pocket passer with the Saints, however, which made him one of the offseason's most intriguing potential free agents in an NFL that lacks enough legitimate franchise quarterbacks to cover all 32 teams.

Bridgewater showed during his two years in New Orleans he warranted another opportunity to start, and he should receive that chance with the Panthers. It's a high-upside signing that could be one of the free-agent period's best if he builds on his 2019 success.

He should open training camp atop the depth chart with Newton seemingly on the verge of an exit. Kyle Allen will operate as his backup.