Tight end Jeremy Shockey's one-year deal with the Carolina Panthers is worth $3 million, with $1 million guaranteed, a league source said Monday.
Wilcots: Shockey not finished
The deal also includes a $812,500 roster bonus and no signing bonus, making it team- and salary-cap-friendly.
Shockey will be reunited with Panthers offensive coordinator Rob Chudzinski, who was his position coach at the University of Miami.
"Time for the Next chapter," Shockey wrote on his Facebook page after signing. "This is a great opportunity for me, and I am excited to play football."
Shockey was traded to New Orleans before the 2008 season and caught a key touchdown pass in the Saints' Super Bowl victory one year later. But Shockey labored through injuries in all three seasons in New Orleans, and the Saints cut him loose with $4.2 million due to him in 2011, the final year of his deal.
If he can stay healthy, Shockey, who had 41 catches for 408 yards and three touchdowns in 13 games last season, will provide a target at tight end not seen in years in Carolina.
The Associated Press contributed to this report.