Anderson was released in April with two years remaining on his contract and $4.5 million owed this year, as Nicki Jhabvala of The Athletic noted.
"It's a daily loyalty business," the running back said after his release, per Mike Klis of 9News. "For five years the Broncos treated me with nothing but utmost respect and were super loyal to me. That daily loyalty has finally ran out. I'm excited for the next chapter in my career, where that may be."
Ian Rapoport of NFL Network reported the Broncos had tried to trade him during the offseason but couldn't find a partner.
They will now move on with a younger group at the position, while Anderson gets a chance at a fresh start with the Panthers.
The 27-year-old had been up and down during his five-year career with the Broncos. He earned a Pro Bowl appearance in 2014 thanks to a big second half of the season, while his effort was key in 2015 during a run to the Super Bowl title.
Unfortunately, he failed to maintain a starting role and couldn't top 1,000 yards in a season until 2017. The good news is last year was his most productive, finishing with 1,007 rushing yards plus 224 through the air.
Anderson also played all 16 games for the first time in his career.
He will hope to keep this momentum for a squad that needed more depth in the backfield.
While Christian McCaffrey is hoping to build on an impressive rookie season, the team lost leading rusher Jonathan Stewart in free agency.
Carolina now has a veteran contributor with playoff experience who can help in both the run and the passing attack. Although he might not be an every-down option, he should have plenty of opportunities in 2018.