The Carolina Panthers sent veteran quarterback Teddy Bridgewater to the Denver Broncos in exchange for a sixth-round pick.

“Acquiring Teddy Bridgewater adds competition, experience and a strong veteran presence to our quarterback room,” Broncos general manager George Paton said in a statement.

The Panthers will pay the 28-year-old quarterback $7 million in 2021 while the Broncos will pay him $3 million, according to ESPN’s Adam Schefter.

“Panthers are trading QB Teddy Bridgewater to the Broncos for a sixth-round pick, as Tom Pelissero reported. Panthers paying Bridgewater $7 million, Broncos paying him $3 million, per source. Trade does not take Denver out of QB market Thursday night, per source,” read Schefter’s tweet.

According to NFL Network’s Ian Rapoport, Carolina reportedly gave Bridgewater the “okay” to facilitate a trade after the team acquired Sam Darnold from the Jets at the beginning of April. The Panthers sent a sixth-round pick in the 2021 NFL Draft, plus a second-round pick and a fourth-round pick in 2022 for Darnold.

Prior to the 2020 season, the Panthers signed Bridgewater to a three-year contract worth $63 million. Bridgewater was reportedly guaranteed $40 million over the first two seasons of the deal. However, Wednesday’s trade eliminates the final year and $21 million of his contract in 2022, according to 9News Denver’s Mike Klis.

In 2020, Bridgewater started 15 games for the Panthers. He finished the season with 3,733 passing yards, 15 touchdowns and 11 interceptions. The Panthers went 4-11 in games that he started.

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