Garafolo adds that Sweezy has been working his way back from a broken leg injury that landed him on the season-ending injured reserve last season.
Tampa Bay now picks up $6.5 million in available cap space for 2018.
Sweezy, 29, was taken in the seventh-round of the 2012 NFL Draft. He played out his rookie contract and signed on the Buccaneers.
Tampa Bay signed Sweezy to a five-year, $32.5 million contract that included $14.5 million guaranteed, but restructured his deal in April of last year to included injury waiver language and split salaries for the next three seasons while reducing his base salary by $1.25 million for the 2018-2020 seasons.
In return, Sweezy received base salary escalators for each season of $1.25 million tied to 70 percent play time from each of the previous seasons.
In 2017, Sweezy appeared in 14 games for the Buccaneers. Pro Football Focus rated him as the No. 53 overall guard out of 77 qualifiers.