Matt Rhule was announced as the new head coach of the NFL's Carolina Panthers on Tuesday.

The former Baylor bench boss signed a seven-year deal worth up to $70 million, ESPN's Adam Schefter reports.

The 44-year-old Rhule was believed to be a favorite to land the New York Giants' head coaching job, but he agreed to terms with Carolina before his scheduled interview in New York on Tuesday.

It's the Panthers' first major hire under billionaire owner David Tepper.

Rhule led an almost immediate turnaround at Baylor. The program went 1-11 in his first season at the helm in 2017, then improved to 7-6 the following year before capping that with an 11-3 season and a spot in the Sugar Bowl.

The Bears became the first Power 5 program to jump from 11 losses to 11 wins in two years and Rhule was named Big 12 Coach of the Year.

The Panthers are coming off a 5-11 season in which franchise quarterback Cam Newton was limited to two games due to injury and head coach Ron Rivera was fired after Week 13.

In December, Rhule said he'd only take a job in the NFL if it was "next to perfect." The Giants were thought to be the first choice for the New York native. He coached the Giants' offensive line in 2012 before heading back to the college game.

Rhule reportedly called the Giants before signing his deal with the Panthers to give New York an opportunity to match the offer on the table, but they instead hired New England Patriots special teams coach Joe Judge, according to NFL Network's Ian Rapoport.

The Cleveland Browns have the only remaining head coaching vacancy.