Odell Beckham Jr. signs settlement with Browns, who will officially release him Monday

Odell Beckham Jr. and the Browns filed divorce papers Friday, when the franchise announced it would grant the three-time Pro Bowl wide receiver the release he wants.

Beckham and the Browns signed those papers Saturday.

With the two sides finalizing a settlement with signatures, the Browns will officially release Beckham on Monday, a person familiar with the situation said, confirming an NFL Network report.

Beckham will be waived, so another team can claim him off waivers at 4 p.m. Tuesday. But if he passes through waivers unclaimed, he'll become a free agent and can choose his next team.

The Browns (4-4) will visit the Cincinnati Bengals (5-3) on Sunday for a crucial AFC North game, but Beckham has played his last game with Cleveland. The team excused him from practices Wednesday and Thursday before announcing the breakup Friday morning and officially ruling him out against the Bengals in the afternoon.

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Before Browns General Manager Andrew Berry and Beckham's representatives reworked the player's deal this week, OBJ had been under contract through the 2023 season and been due $8 million guaranteed for the rest of this year. The $8 million was the amount remaining of the $15.75 million he had been scheduled to make in 2021.

But the new deal removed the final two seasons of OBJ's contract and changed the money for this year.

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The source confirmed these are the parameters of the settlement:

If a team were to claim Beckham off waivers Tuesday, it would owe him $7.25 million this year, and he'd be scheduled to become a free agent in March.

If he were to pass through waivers unclaimed Tuesday, the Browns would owe him $4.25 million, thereby saving $3 million. Then OBJ would be free to sign with any franchise.

As part of the new deal, Beckham agreed to not seek termination pay.

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Beckham had requested a trade multiple times this past offseason and again after Sunday's 15-10 loss to the Pittsburgh Steelers, a source confirmed, but the Browns couldn't find a viable market for him because of his salary.

In other words, it would be an unlikely scenario for a team to claim Beckham off waivers because it would also inherit a $7.25 million salary for the final half of this season.

Beckham will likely become a free agent and decide where he wants to go.

Marla Ridenour's column: Odell Beckham Jr. quit on his quarterback, his friend, and a Browns locker room that still adores him

Nate Ulrich can be reached at nulrich@thebeaconjournal.com.

This article originally appeared on Akron Beacon Journal: Odell Beckham Jr. signs settlement with Browns; release coming Monday