Hyde will receive a three-year deal worth more than $15 million, including $6 million in the first year, according to the NFL Network.
Hyde's signing doesn't preclude the Browns from drafting a running back such as Saquon Barkley high, but it takes the pressure off of finding a starting back with one of their top picks.
Hyde, who attended Ohio State, led the San Francisco 49ers in rushing each of the past three seasons.
The Browns are also negotiating to bring back Duke Johnson in their backfield, too, after he averaged 4.2 yards per carry in a backup role last season.
With the Giants trying to address the offensive line in free agency, it means Barkley going to the Giants with the second overall pick just became a bit more realistic. The earlier offseason addition of Tyrod Taylor at quarterback along with the Hyde signing makes it seem like the Browns are committed to running the kind of zone read, run-option offense that best fits Taylor's style.
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Free agent running back Carlos Hyde is off the market.
In a separate deal, Former Lions TE Darren Fells plans to sign three-year, $12 million deal with the Browns, sources told ESPN's Dan Graziano.
Interestingly enough, Hyde and Crowell have put up nearly identical numbers since entering the league in 2014 as they both have averaged 4.2 yards per carry and have rushed for 21 touchdowns each. But Hyde doesn't figure to get the passing-down chances he did under Shanahan, not with Cleveland reportedly in extension talks with the talented Johnson, the club's most consistent offensive performer for arguably the past two seasons.
Hyde played in all 16 games last season for the first time in his career. In case you're wondering, yes, he's quite better than Isaiah Crowell. He played 14, seven and 13 games from 2014 through 2016. Hyde has 2,729 yards rushing on 655 carries and 109 receptions for 634 yards in four seasons.