The 31-year-old had one season remaining on the contract he signed almost exactly one year ago. His scheduled cap hit was just under $2.4MM, and the move save Jacksonville nearly $2MM. Already in one of the best situations in the league from a financial perspective, the Jaguars will now have roughly $40MM in cap space.
A second round pick of the 49ers in 2014, Hyde started taking on a significant role in 2016 and 2017, receiving over 200 carries in each of those seasons. He topped 1,100 scrimmage yards both times, earning him plenty of outside interest as a free agent. That offseason began a stretch which saw him land in Cleveland, Jacksonville, Kansas City, Houston, Seattle and, most recently, a second trip to Duval County. A 1,000-yard rushing campaign with the Texans in 2019 showed he was still capable of producing as a No.1 back. Since then, however, he has started only three games and totalled less than 800 yards.
Hyde will now look to get a head-start on free agency to find a new home. The Jaguars, meanwhile, will move forward with James Robinson and 2021 first-rounder Travis Etienne at the top of the backfield depth chart.