The University of Miami product signed a five-year, $36.5 million deal in free agency two years ago, including over $20 million in guaranteed money. However, Franklin's play was uneven during his time with the Chargers. He started all 16 games at left guard for the Chargers last season but missed six games in 2015 with a high-ankle sprain and MCL knee sprain.
Franklin is the third starting offensive lineman cut by the Chargers this offseason. The team previously released left tackle King Dunlap and right guard D.J. Fluker.
The Chargers drafted Lamp in the second round and another guard, Dan Feeney, in the third round. The team also signed veteran tackle Russell Okung earlier this offseason and selected another tackle, Sam Tevi, in the draft.
Chargers coach Anthony Lynn said the team will have an open competition at center and both guard spots during offseason work and in training camp.
Lamp worked at right guard during rookie minicamp over the weekend, while Feeney worked at left guard and center.
Franklin was scheduled to make $6 million in base salary for the upcoming season. The Chargers save $2.8 million in cap space by releasing him now.
He played his first four seasons with the Denver Broncos.
Boston, 24, played in 42 games with the Panthers, making 16 starts. He had 108 tackles, 10 passes defended and three interceptions in three seasons in Carolina.
Last season, Boston set career highs in starts (10), passes defended (seven), sacks (two) and interceptions (two).