Colvin, 27, is a former fourth-round pick of the Jaguars back in 2014. He played out the final year of his four-year, $2,673,152 contract before agreeing to a four-year contract worth $34 million with the Texans that included $18 million in guaranteed last year.
Colvin was set to make base salaries of $7,500,000 over the final three years of the agreement.
According to OverTheCap.com, releasing Colvin will free up $156,250 of available cap space while creating $8.5 million in dead money.
In 2019, Colvin has appeared in one game for the Texans and recorded five tackles for the Texans. Pro Football Focus has him rated as the No. 97 receiver out of 98 qualifying players.