We investigate the non-linear equilibration of a two-layer quasi-geostrophic flow in a channel with an initial eastward baroclinically unstable jet in the upper layer, paying particular attention to the role of bottom friction. In the limit of low bottom friction, classical theory of geostrophic turbulence predicts an inverse cascade of kinetic energy in the horizontal with condensation at the domain scale and barotropization in the vertical. By contrast, in the limit of large bottom friction, the flow is dominated by ribbons of high kinetic energy in the upper layer. These ribbons correspond to meandering jets separating regions of homogenized potential vorticity. We interpret these results by taking advantage of the peculiar conservation laws satisfied by this system: the dynamics can be recast in such a way that the initial eastward jet in the upper layer appears as an initial source of potential vorticity levels in the upper layer. The initial baroclinic instability leads to a turbulent flow that stirs this potential vorticity field while conserving the global distribution of potential vorticity levels. Statistical mechanical theory of the 112 layer quasi-geostrophic model predicts the formation of two regions of homogenized potential vorticity separated by a minimal interface. We explain that cascade phenomenology leads to the same result. We then show that the dynamics of the ribbons results from a competition between a tendency to reach the equilibrium state and baroclinic instability that induces meanders of the interface. These meanders intermittently break and induce potential vorticity mixing, but the interface remains sharp throughout the flow evolution. We show that for some parameter regimes, the ribbons act as a mixing barrier which prevents relaxation toward equilibrium, favouring the emergence of multiple zonal (eastward) jets.