Jaguars Releasing RB Toby Gerhart

Update:

Jaguars GM David Caldwell announced Thursday that RB Toby Gerhart will be officially released at 4 p.m. EST today, per John Oesher.

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Ian Rapoport of NFL Media reports that the Jaguars are releasing RB Toby Gerhart on Wednesday.

This comes just minutes after the news that the Jaguars are signing RB Chris Ivory to a contract.

Gerhart has been a disappointment since the Jaguars signed him as a free agent a few years, so this should come as little surprise, especially considering the upgrade they made at the position.

Gerhart, 28, was entering the fianl year of his three-year, $10.5 million contract that included $4.5 million guaranteed. He would have made a base salary of $3 million in 2016.

According to OverTheCap.com, releasing Gerhart will free up $3.5 million in available cap space for the Jaguars next season.

Gerhart’s 2015 season comes to an end with him appearing in seven games and rushing for 44 yards on 20 carries (2.2 YPC) to go along with three receptions and 23 yards receiving.