- Jason La Canfora mentions that while it’s “virtually certain” that Rice will be released, they have not officially released him just yet.
There has been speculation that Rice could be on the chopping block for several weeks now, so this doesn’t come as much of a surprise.
Rice, 27, signed a five-year contract worth $41 million that included $18.5 million guaranteed with the Seahawks back in 2011. He had two years remaining on his contract with base salaries of $8.5 million and $9 million.
Rice would have counted $9.7 million against the Seahawks 2014 salary cap, but this move should free up $7.3 million in cap space for Seattle.
The Seahawks have a number of free agents and extension candidates to address including WR Golden Tate, DE Michael Bennett, CB Richard Sherman and S Earl Thomas so this extra cap space will go a long way towards retaining some of them in the long-run.