The Bears used the right of first refusal restricted tender on Williams, which means they can match an offer sheet he receives from another team. However, they would not receive any draft pick compensation if they were to decline to match the offer.
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 and is currently testing the open market as a restricted free agent this offseason.
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.