The Tampa Bay Buccaneers are releasing P Michael Koenen, according to numerous reports Tuesday morning.
This comes after the Buccaneers signed Jake Schum to a contract in recent days.
Koenen, 33, has two years remaining on his six-year, $19.5 million contract that included $6.5 million guaranteed. He would have made base salaries of $3.25 million over the next two years.
According to OverTheCap.com, releasing Koenen will free up $3,250,000 in cap space while creating no dead money.
In 2014, Koenen appeared all 16 games for the Buccaneers and total 2,969 yards punting and 33 touchbacks. Pro Football Focus had him rated as the No. 37 punter out of 38 qualifying players last year.