Woods, 26, spent last season with the Minnesota Vikings, appearing in all 17 games. He started his career with the Dallas Cowboys, where he spent four seasons after being a sixth-round selection in 2017 out of Louisiana Tech.
Woods signed a one-year deal with Minnesota in March 2021 after starting 48 of 60 games for the Cowboys. Woods replaced Anthony Harris, who signed with the Philadelphia Eagles last offseason, and started opposite perennial Pro Bowl safety Harrison Smith.
In his sole season in Minnesota, Woods totaled 108 tackles, 3 interceptions, 10 passes defended, 2 forced fumbles and a sack. The veteran was on the field for 1,207 snaps, the second-most by any defensive player in the NFL last season.
The Vikings used a fourth-round pick last April on former Cal product Cam Bynum, who moved from cornerback to safety during his first season in the NFL. Bynum started two games in 2021 and worked his way into a rotational role in the lineup with both Woods and Smith.
Woods, who turns 27 in July, has 355 tackles, 8 interceptions, 28 passes defended and 5 forced fumbles in five NFL seasons.
Also, the Panthers and guard Austin Corbett agreed to a three-year, $29.25 million deal, per ESPN and multiple reports.
Corbett, who turns 27 in September, developed into a serviceable starting guard after the Rams acquired him from the Browns in 2019.
He started all 17 regular-season games and all four postseason contests for the Super Bowl champions. He ranked No. 32 among guards in ESPN's run block win rate metric (69.5%) and No. 51 in pass block win rate (88.9%).
ESPN staff writers Courtney Cronin, Kevin Seifert and David Newton contributed to this report.