Updated 3:45 p.m.
The Houston Texans have traded quarterback Brock Osweiler and two draft picks to the Cleveland Browns.
Houston is also giving the Browns a second-round 2018 draft pick and a sixth-round 2017 draft picks.
In return, the Texans will get a fourth-round pick in the 2017 draft.
"The decision to trade Brock was made because it was in the best interest of the team," Texans General Manager said Thursday. "It frees up both cash and salary cap room to continue to improve our football team."
The Browns will assume all of Osweiler’s $16 million salary.
“We are committed to bringing a championship to the city of Houston,” “We are exhaustive in our efforts and the resources provided by the McNair family allow us to operate that way. We continuously evaluate our decisions and processes to ensure the results match our goals and objectives.
The trade comes just before NFL free agency begins … and one day after reports surfaced that the Dallas Cowboys will sever ties with Tony Romo, who has battled injuries and lost his starting job to Dak Prescott.
The move will save the Texans about $10 million in salary-cap space – money now freed up to pursue, perhaps, another available quarterback – with Romo expected to be one of them.
"We appreciate Brock’s effort and leadership while he was with us," Smith said. "We wish him and his family well.”