Rebuilding Rams release WR Holt

After they failed to gain trade value, the Rams announced Friday they have released wide receiver Torry Holt.

Holt had a $1.25 million roster bonus due March 17, and the Rams didn't plan to keep him at his $8 million salary. As they did earlier this week with left tackle Orlando Pace, the Rams parted ways with Holt.

"The Rams will forever be grateful for the way Torry Holt represented the Rams on the field and in the community," Rams owner Chip Rosenbloom said. "He is an All Pro in every sense of the word. Over the past 10 seasons, Torry has proven himself to be one of the finest wide receivers in league history. This is a difficult decision because Torry has meant so much to the organization. In my mind and for all Rams fans, Torry will always be a Ram and we wish him and his family nothing but the best as they move forward."

The releases of Holt and Pace cleared out $14 million of cap room for the Rams. Holt, a seven-time Pro Bowl selection, ranks 11th on the league's all-time reception list with 869 catches. He started 147 games in 10 seasons.

Senior writer John Clayton covers the NFL for ESPN.com.