The Cleveland Browns officially agreed to release wide receiver Odell Beckham Jr. with a settlement to restructure his contract.
The Browns and Odell Beckham Jr. are going to part ways, it’s just going to take some time to iron out all the details.
Adam Schefter reported the terms of Beckham Jr.’s release, which can’t be made official until after the weekend.
“Divorce officially official: After days of negotiations, the Browns and Odell Beckham Jr. finally reached a settlement that will result in him being placed on waivers Monday, after which he can be claimed Tuesday at 4 pm, per league sources,” Schefter tweeted.
How did the Browns and Odell Beckham Jr. sort out his release?
Per Schefter, the settlement between the Browns and OBJ includes a reworking of his contract. The team is removing the last two years of his deal, making him a free agent after the 2021 season. That’s all pending approval from the NFLPA.
If it goes through, Beckham Jr. could be on a new team by Tuesday evening, though it seems unlikely he will be claimed.
Schefter also revealed that any team that tried to claim Beckham Jr. would have to pay him $7.25 million in salary. That would be a high rental price for a team that would then not be guaranteed to keep his services for 2022.
In effect, this move could be designed to get the Browns off the hook financially while also giving the receiver a chance to clear waivers and choose his next destination himself.
Who has the cap space to bring in Beckham at that $7.25 million figure? Schefter named nine teams: The Jaguars, Eagles, Broncos, Seahawks, Panthers, Chargers, Steelers, Washington and Bengals.
Everyone will have to wait until next week to find out how this all plays out.