Mike Garafolo of NFL Network reported Thursday that Taylor's contract has an $11 million base, with $6 million guaranteed in the first year.
The quarterback had been linked with the Miami Dolphins to potentially replace Ryan Tannehill as the team's starter in 2019, per Mike Florio of Pro Football Talk. However, Taylor instead chose to back up Philip Rivers.
The 29-year-old had an interesting 2018 season in Cleveland.
He opened the campaign as the team's starter but suffered a concussion in Week 3 against the New York Jets. Rookie quarterback Baker Mayfield promptly led a second-half comeback and was promoted as the starter going forward, leaving Taylor in a backup role the rest of the season.
Taylor was solid if unspectacular as the team's starter, throwing for 473 yards, two touchdowns and two interceptions while completing just 49.4 percent of his passes. He also rushed for 125 yards and a score.
His mobility was a plus for the Browns, adding another dimension to the offense, though the offense moved far more fluidly once Mayfield took the helm.
His struggles showed that, at this point in his career, Taylor is probably best served as a backup. While he hasn't been bad a starter in stints with the Buffalo Bills and Browns over the past four seasons, he's never thrown for more than 3,100 yards in a season or more than 20 touchdowns. He's also completed just 61.6 percent of his passes over his career.
This makes him an ideal fit for the Chargers, a team with Super Bowl aspirations and a proven quarterback in Rivers but little in the way of depth. Geno Smith served as the team's backup during the 2018 season.
Taylor reunites with head coach Anthony Lynn, who was his offensive coordinator in 2016, and provides a safety net in case anything happens to Rivers.