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Chris Godwin had the franchise tag applied for the second year in a row, but he won't be playing on it for a second straight season.

Godwin and the Tampa Bay Buccaneers have agreed to a three-year deal worth $60 million, with $40 million guaranteed at signing, according to multiple reports.

The deal will free up cap space for the Bucs, who are trying to keep the band together after Tom Brady decided to return for 2022.

Godwin, 26, played last season on the $15.98 million franchise tag. The Bucs kept him off the free agent market again this year, and he was due $19.18 million if he played out the year under the terms of the tag.

Godwin made 98 catches for 1,103 yards and five touchdowns before tearing an ACL in Week 15. Brady and the Bucs missed him in the postseason.

Tampa Bay made Godwin a third-round choice in 2017, and he has 342 receptions for 4,643 yards and 29 touchdowns in his career.

This year, Godwin will once again team up with Mike Evans to once again Tom Brady with a solid starting due. Former Falcon Russell Gage will try to fill the No. 3 role vacated by Antonio Brown.

Godwin's rehab is worth watching, but head coach Bruce Arians said at the NFL combine that Godwin was about 40 percent healed from the injury and that he had no concerns about the receiver's ability to bounce back.

Breshad Perriman also re-signed with the Buccaneers on Wednesday. Tight end O.J. Howard did move on, signing with the Buffalo Bills, but Rob Gronkowski suggested on Wednesday that he will return.

But not without leaving Brady in some suspense.

"It's a very good chance," Gronkowski said when asked about playing for the Bucs this fall. "I'll let [Brady] have a little scare. A couple months without me and then you know. ... He just did it to me for a couple of months, so I'm going to do it to him."