The league made the announcement Tuesday ... saying in a statement there are currently "no restrictions" being placed on Watson even though more than 20 female massage therapists have accused him of crossing the line during what were supposed to be routine rubdown sessions.

"At this time," NFL officials said, "there are no restrictions on Watson's participation in club activities."

As we previously reported, police and the NFL are currently investigating Watson ... after multiple women claim he got inappropriate with them on several occasions over the past few years.

Twenty-two women in total have filed civil lawsuits against Watson ... and the QB's attorney said Monday that 10 accusers have filed criminal complaints against the quarterback as well.

Most NFL pundits believed the allegations would be enough to land the 25-year-old star on some sort of paid leave -- similar to the way the MLB is handling the Trevor Bauer accusations -- but, clearly, that's not the case.

"As we continue to gather additional information and monitor law enforcement developments," the NFL said, "we will make appropriate decisions consistent with the Collective Bargaining Agreement and the Personal Conduct Policy."

The NFL added its probe into Watson is still "ongoing and active."

For Watson's part, he's insisted he committed no wrongdoing ... while his reps have said anything that went down between the quarterback and masseuses was entirely consensual.