Why failover instead of using ECMP? ECMP will allow you to utilize the bandwidth of both connections at the same time.
If you really just want to do failover though, newer versions of PAN-OS have the ability to set a Path Monitor on a static route. You can monitor the remote end of the P2P, and if it fails then your other lower priority static route will take over.
If you're on an older version, you can use the old multiple VRs with PBR configuration. I'm on mobile or I'd find it for you. Search for "Dual ISP Failover Using PBF" and it should pop up.
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