Adam Schefter reports that the Bears are not matching two-year, $10 million offer sheet that RFA WR Cameron Meredith signed last week with the New Orleans Saints.
According to Schefter, Bears GM Ryan Pace and HC Matt Nagy met with Meredith to inform him of their decision.
Meredith specifically signed a two-year deal worth $9.6 million contract with the Saints that incentives and $5.4 million in guarantees.
The Bears will not receive any compensation for Meredith, seeing as they used the right of first refusal restricted tender on him.
Meredith visited with the Saints, Ravens and Colts during free agency and reportedly received an offer the Ravens as well.
Meredith, 25, wound up signing on with the Bears as an undrafted free agent out of Illinois State back in May of 2015. He played out the final year of his three-year, $1.581 million contract.
Meredith missed the 2017 season after suffering a torn ACL.
In 2016, Meredith appeared in 14 games and caught 66 passes for 888 yards receiving and four touchdowns. Pro Football Focus had him rated as the No. 53 receiver out of 115 qualifying players that season.