The Browns will receive a draft pick in exchange.

Today, the Cleveland Browns announced that they would be trading their quarterback, Baker Mayfield, to the Carolina Panthers in exchange for a 2024 draft pick. Depending on how Mayfield performs with the Panthers, the Browns will receive either a fourth or fifth-round pick in 2024.

BREAKING: Panthers acquiring QB Baker Mayfield for a 2024 conditional 5th-round pick. pic.twitter.com/l3t1IXpwDz

— NFL (@NFL) July 6, 2022

“We want to thank Baker for all his contributions to the Cleveland Browns,” Browns owners Dee and Jimmy Haslam said in a statement. “From the moment he was drafted, he gave his all for this organization and this city. With his fierce competitive spirit, he excited the fanbase and accomplished things that no player at his position had done in Cleveland for a very long time. He also made a difference in the community, whether it was hosting events at the Boys and Girls Club, honoring our troops, supporting the Special Olympics as well as countless other charitable endeavors. We are grateful for everything he did for this organization and wish him and Emily well in the future.”

Welcome to Carolina, @bakermayfield! pic.twitter.com/VRtmQioRMo

— FOX Sports: NFL (@NFLonFOX) July 6, 2022

According to ESPN, the Panthers will cover $4.85 million of Mayfield’s salary in the transition, while the Browns will chip in $10.5 million. Mayfield has agreed to convert the remaining $18.8 million of his salary to incentives to help the process go smoothly.