It's a series termination resistor for when the nINT/REFCLKO
pin is configured as a clock output.
From the LAN8720A datasheet:
To reduce BOM cost, the device includes a feature to generate the RMII REF_CLK signal from a lowcost, 25MHz fundamental crystal. This type of crystal is inexpensive in comparison to 3rd overtone
crystals that would normally be required for 50MHz.
In order to optimize package size and cost, the REFCLKO pin is multiplexed with the nINT pin. In
REF_CLK Out mode, the nINT functionality is disabled to accommodate usage of REFCLKO as a
50MHz clock to the MAC.
Having this option allows the board manufacturer to select a cheaper/more available oscillator without re-designing the PCB.
On termination resistors:
The series termination is an often-used technique. It is performed by placing a terminating resistor in between the driver and the receiver. The resistor is placed near to the driver, and its value is chosen so that the combined impedance of the resistor and driver matches those of the PCB trace.