The Buccaneers will avoid paying Carter his $750,ooo roster bonus and $3.5 million base salary with this move.
Carter, 28, is in the second year of his four-year, $17 million contract that included $4.2 million guaranteed. He stands to make a base salary of $3.5 million for the 2016 season.
According to OverTheCap.com, releasing Carter will free up $4,250,000 in available cap space while creating no dead money.
In 2015, Carter appeared in 14 games and recorded 47 tackles, two sacks, and two pass defenses for the Buccaneers. Pro Football Focus has him rated as the No. 68 linebacker out of 97 qualifying players.
Tandy, 27, is a former sixth-round pick of the Buccaneers back in 2012. He played out his rookie contract and was in position to be an unrestricted free agent this offseason.
In 2015, Tandy appeared in 14 games for the Buccaneers and recorded 42 tackles, one sack and a pass defense.