Edwards will join the club immediately from the Bulldogs. The Cowboys also have an option in their favour in 2026 for the 24-year-old's services.
Edwards' arrival will allow Cowboys second-rower Jack Gosiewski to be granted a release on compassionate grounds to move closer to family in Brisbane.
"Harrison is a skilful middle forward/back-rower and highly motivated, a nice kid, works hard and is the right fit for us," Payten said.
Forward Jack Gosiewski (pictured) will be released after the Cowboys signed Harrison Edwards. (Scott Radford-Chisholm/AAP PHOTOS)
"There has been a lot of talk and conjecture around what Jack Gosiewski is doing, and he has asked for a release now for a couple of months.
"We have been open and honest with him about how ... we needed to find adequate cover before that would happen. That is where Harrison fits in.
"Jack is getting towards the final days here at the club, but it is a family and welfare issue. He is going home to be closer to family."
The Cowboys have conceded 191 points in seven games this season, and after their 42-6 loss to Cronulla on Sunday need to find resolve and grit.
"On Monday and Tuesday there were a lot of conversations going back and forth between the players and the staff, and the desire to get an attitude shift towards our defence," Payten said.
"If we get that right, it gets us in the contest and then the talent we have got in the group can win us some games."
With Nathan Cleary back from a hamstring injury, the Panthers will be a massive challenge, though coach Ivan Cleary is expecting his son may need to some time to acclimatise after a month out.
"Even though he's our main playmaker, that's going to take a bit of time," he said.
"He plays differently from (fill-in halfback) Brad Schneider. Brad's done a really good job, it's a difficult position to come into."
Payten is urging his side to find a ruthless edge against the reigning premiers.
"We are going to have to make the most of our opportunities when they arise, compete and play with a tough mentality, and back ourselves," he said.
"We have only functioned at 70 per cent of our real potential.
"There is no better way to prove to ourselves and the rest of the competition about who we are (than) against the three-time reigning premiers."
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