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Phillip Lindsay agrees to a one-year deal with the Texans

(Photo by Matthew Stockman/Getty Images)

Former Denver Broncos running back Phillip Lindsay has signed a one-year deal with the Houston Texans, according to Mike McCartney.

The Pro Bowl running back and the Broncos “mutually decided” to rescind his restricted free agent tender on Wednesday morning.

According to NFL Network’s Ian Rapoport, the deal is worth $3.25 million with $500,000 in upsides.

Speaking to the media at UCHealth Training Center, Broncos general manager George Paton said Denver let one of its most popular players walk because they “wanted to do right by Phillip.”

On Monday, the Broncos placed an original round tender on Lindsay, meaning that the likelihood of him leaving Denver via free agency for a better offer elsewhere significantly increased.

However, early Thursday, Lindsay’s agent, Mike McCartney, tweeted that both sides had come to an agreement to rescind the tender, allowing his client to hit the open market.

Undrafted out of the University of Colorado, the Denver South High School product rushed for 1,037 yards for nine touchdowns in 2018, earning the aforementioned Pro Bowl nod. And Lindsay would follow up that season with another 1,000-yard campaign in 2019.