Jarrett, a receiver from Southern California, will receive $1.935 million in guaranteed bonuses and incentives, making the deal one of the largest in guaranteed money for a second-round pick.
Jarrett, the 45th pick in the draft, is expected to contend for the starting receiver job vacated when Keyshawn Johnson was released in the offseason.
"He's excited to be a Carolina Panther and looking forward to the opportunity to start opposite Steve Smith," Jarrett's agent, Darin Morgan, said.
Jarrett's signing came hours after fellow second-round pick Ryan Kalil agreed to a four-year deal. Kalil's expected to compete for a starting job on the offensive line.
But missing as players moved into their dormitory on the Wofford College campus was Beason, a linebacker from Miami who was the 25th pick in the draft.
Beason is expected to start out at outside linebacker but could move into the middle if veteran Dan Morgan is unable to return from multiple concussions.