The Carolina Panthers made Bryce Young the No. 1 pick in the NFL Draft on April 27. Eighty-four days later, the former Alabama All-American and Carolina have reached an agreement on his first contract, the NFL team announced on Friday afternoon, just in time for the quarterback to report with the Panthers rookies to training camp on Saturday.

Young’s draft status comes with a four-year contract worth about $37.955 million, with around $24.604 million of that in the form of a signing bonus. The amount is fully guaranteed.

MORE NFL:

· ALABAMA ROOTS: TOP 10 IN NFL TACKLES FOR LOSS

· JETS SIGN 2 WILLIAMS BROTHERS IN 1 OFFSEASON

· BEARS’ EDDIE JACKSON PLANS TO HAVE ‘1 OF THE BEST SEASONS EVER PLAYED BY A SAFETY’

Young will get his signing bonus as a lump-sum payment, NFL Network reported.

The values of the contracts of draft picks are predetermined, based on the NFL’s salary cap of $224.8 million for the 2023 season and this year’s rookie compensation pool in a formula spelled out in the Collective Bargaining Agreement between the league and its players association.

Like all first-round selections, Young’s rookie deal also will include a team option for a fifth season.

RELATED: WHY HASN’T NFL NO. 1 DRAFT PICK BRYCE YOUNG SIGNED HIS FIRST CONTRACT?

In 2021, Young won the Heisman Trophy as he completed 366-of-547 passes for 4,872 yards with 47 touchdowns and seven interceptions. He played three fewer games in 2022, when he completed 245-of-380 passes for 3,328 yards with 32 touchdowns and 12 interceptions for Alabama.

The Panthers obtained the No. 1 pick in a trade with the Chicago Bears, giving up the No. 9 and No. 61 choices in this year’s draft, a 2024 first-round selection, a 2025 second-round pick and wide receiver DJ Moore to move into position to get a face-of-the-franchise quarterback.

Last season, when the Panthers posted a 7-10 record, three quarterbacks started games. Baker Mayfield and Sam Darnold started six apiece, and P.J. Walker started five. They aren’t with the team this year.

Before acquiring Young, Carolina signed 12-year veteran Andy Dalton in free agency as a stand-by starter until their choice at No. 1 was deemed ready to take the helm of the Panthers’ offense.

Carolina also has former Ole Miss quarterback Matt Corral, who is returning from a foot injury that caused him to miss his rookie season. The Panthers picked Corral in the third round last year.

The Panthers’ training camp will be held at Wofford College in Spartanburg, South Carolina. Carolina kicks off its three-game preseason schedule at 3 p.m. Aug. 12, when the New York Jets visit Bank of America Stadium in Charlotte, North Carolina. NFL Network will televise the game.

FOR MORE OF AL.COM’S COMPREHENSIVE COVERAGE OF THE NFL, GO TO OUR NFL PAGE

Mark Inabinett is a sports reporter for Alabama Media Group. Follow him on Twitter at @AMarkG1.