Schwartz, 29, signed a four-year, $16.8 million contract that included $6.2 million guaranteed and was set to make base salaries of $3.925 million over the remainder of the contract.
According to OverTheCap.com, releasing Schwartz will free up $2,991,666 in available cap space while creating $1,916,667 in dead money.
In 2015, Schwartz was limited to appearing in 11 games for the Giants. Pro Football Focus has him rated as the No. 22 guard out of 82 qualifying players.