Sometimes it's necessary to download one of your Panopto videos for use elsewhere, but there isn't an obvious "Download" button in Panopto's folder view. Instead, click the Settings button for the video.
The Settings button for a video.
Then [1] choose Outputs from the menu in the Settings window. In the Video Podcast area of Outputs, [2] click "Download Podcast". By default, the MP4 file containing the picture-in-picture recording will then download to your computer. If desired, use the "Type" menu to select a different format for the MP4 file.