"At the end of the day we felt that it was best that we part ways; best for the direction of the organization, best for what was going on in the clubhouse and best for José," he said.
Before making the move, the Rockies reinstated Reyes from the restricted list, where he had been since being suspended under the league's domestic violence policy.
The Rockies now have 10 days to either trade him, release him or have him accept a demotion to the minors. One team he won't be going to -- the New York Mets, as a source told ESPN's Adam Rubin that his former team is not interested in bringing Reyes back.
Manager Walt Weiss said the Rockies kept him involved in the discussions on Reyes' future with the team throughout the process.
"They knew where I stood. I am not the guy writing the checks, it goes way above what my opinion is. I am thankful that I had an opinion. I think it says a lot about the way we are operating," he said.
Reyes did not participate in spring training and was suspended through May 31 after being charged with domestic violence for an altercation with his wife in Hawaii last October. Prosecutors dropped the charge ahead of a scheduled April 4 trial, saying Reyes' wife was not cooperating.
Bridich told ESPN that although the Rockies don't know exactly what happened the night of Oct. 31, 2015, when Reyes was arrested by police, the incident factored into the team's decision Wednesday.
"We've had a long time to mull over this and think about this. We've had a long time to see if there are facts that ... there are things that come to light that give us a clearer picture of exactly what's gone on. From the beginning, we've said that what's gone on is, what seemed to have gone on between Jose and his wife, both extremely disappointing and unfortunate, noting the societal ramifications of all of it.
"So it definitely factored in, but there were a lot of things that factored into the decision."
The performance of rookie shortstop Trevor Story, who won the starting job out of spring training, also factored into the decision, Bridich said. Story has hit 17 home runs.
"If Story had not performed as he has, would Reyes be here today? Luckily we don't have to think about that," he said.
Last Oct. 31, Reyes was arrested at the Four Seasons Resort Maui at Wailea. According to a recording of a 911 call released by police, a hotel security guard reported that a woman had injuries to her leg and scratches on her neck.
Reyes was released after posting $1,000 bail and was ordered to stay away from his wife for three days. He pleaded not guilty to abusing a family or household member.
"It's been tough," Reyes said earlier this month when he began a rehab assignment in the minor leagues. "For now, it's a lot better for me that I'm going to start doing what I love to do, which is playing baseball. I was missing this for a couple of months. Now I'm able to continue my career. The other stuff, try to put in the past and continue my career."
Reyes signed a $106 million, six-year contract with Miami ahead of the 2012 season. He is still owed approximately $39 million in the remainder of his deal.
"He is making a lot of money still. But that certainly wasn't something that dissuaded us from acquiring him when he was part of the trade that we made last year [with the Blue Jays]," Bridich said.
Bridich wished Reyes well in the future.
"Obviously we didn't get to know him all that well, but there's no reason to wish him anything but good luck. And hopefully he and his family are doing well and are able to together put this in the past and learn from this and hopefully continue to make good decisions as a family moving forward," he said.
ESPN's Marly Rivera and The Associated Press contributed to this report.