Financial details were not released Monday.
Todman, 25, has spent the last three seasons with the Jaguars. He played in all 16 games in 2014, carrying 32 times for 186 yards, including a 62-yard touchdown. He also caught 25 passes for 198 yards with a 23-yard score.
He could contribute on special teams, too.
Todman was Jacksonville's primary kickoff returner, averaging 25.6 yards on 38 returns and was tied for second on the team with seven special teams tackles.
Panthers coach Ron Rivera says Todman bring "versatility" at running back and "has some return skills. We are always looking to be good in that area."
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