The deal is pending a physical. All parties split the financials to make it happen.
In fact, the Browns will pay Baker Mayfield $10.5 million this season, which means they trimmed over $8 million in cash and salary-cap space. The Panthers will pay Mayfield ~$5 million. Mayfield agreed to trim ~$3.5 million off his base salary.
After months of speculation and months of work for all parties, Baker Mayfield is now a Panther. This also means that QB Jacoby Brissett is now the Browns solution for a Deshaun Watson absence.