Nader Mirfiq was the first one to report the news.
Morstead has been speculated as a potential cap casualty for some time now, so this doesn’t come as a surprise. He battled injuries and his production slipped in 2020, so it appears New Orleans has elected to pursue a younger and cheaper replacement.
According to Over The Cap, releasing Morstead creates $2 million in dead money and $2.5 million in cap savings.
Morstead, 34, is a former fifth-round pick of the Saints back in 2009. He was in final year of a seven-year, $23.16 million deal that included $6.925 million guaranteed when he signed a new, five-year extension with the Saints in 2018.
In 2020, Morstead appeared in all 16 games for the Saints and totaled 2,674 punt yards on 62 attempts (43.1 YPA) to go along with two touchbacks and 23 kicks placed inside the 20.