Allen, 28, was entering the second year of his four-year, $23 million contract that included $11.8 million guaranteed. He was set to make a base salary of $4.9 million for the 2016 season.
According to OverTheCap.com, releasing Allen will free up $5 million in available cap space while creating no dead money.
Adam Caplan points out that had Allen been on the Raiders’ roster as of tomorrow, $4.9 million of his base salary would have become fully guaranteed.
In 2015, Allen was limited to appearing in just five games due to a knee injury. He finished the year recording 11 tackles, an interception and two pass defenses for the Raiders.