The 21-year-old shared a big embrace with Roger Goodell after the league's commish made the announcement ... and everyone in Carolina's war room could be seen smiling ear-to-ear on the draft's broadcast.

Of course, most expected this to happen ... Young had been the favorite to be the Panthers' selection for weeks -- but Carolina and its fans were thrilled over it all Thursday night nonetheless.

Young was certainly deserving of the pick ... in three seasons at Alabama, the signal-caller completed over 65 percent of his passes, threw 80 touchdowns to only 12 interceptions and had a 165.0 passer rating.

Young also won the 2020 CFB national championship under Coach Nick Saban ... while earning the 2021 Heisman Trophy.

Young set numerous records for the Crimson Tide too -- he threw for the most single-season passing yards (4,872) and the most single-season passing TDs (47) in Bama history.

The Panthers are now hoping Bryce can provide them some stability at the QB position ... as the team's struggled to find a consistent starter since Cam Newton initially left the team following the 2019 season.

Last year, Carolina rolled out a combination of Baker Mayfield, Sam Darnold, and P.J. Walker -- but all three QBs struggled to succeed, and the Panthers missed the playoffs.