Head coach Ken Whisenhunt recently mentioned that he prefers to take a look at some of their younger players now that they are out of the mix for a playoff, which seems to be the reason for cutting Phillips loose.
Phillips, 33, signed a two-year, $4.8 million contract with the Titans back in March after finding a limited amount of interest as a free agent.
Phillips was set to make a base salary of $2.55 million for the 2015 season, but this move will free up $2.65 million in cap space, according to OverTheCap.com. However, the Titans will carry $375,000 in dead money from this move next year.
This season, Phillips has recorded 19 tackles, two sacks, and two pass defenses over the course of 11 games.