Holland never panned out for the Cardinals after signing a one-year, $14 million contract -- the highest one-year free-agent contract ever for a reliever -- in the offseason. He has a 7.92 ERA in 25 innings over 32 appearances and missed nearly a month earlier this season because of right hip impingement.
The final straw for the Cardinals may have been a blown save -- his third of the season -- against the Cubs on Saturday, when he allowed three runs and two walks in 1/3 of an inning.
Holland was an All-Star for the third time in 2017, when he tied for the National League lead with 41 saves for the Colorado Rockies.
Along with moving on from Holland, the Cardinals made a slew of pitching moves Friday. They traded right-handed reliever Sam Tuivailala to the Seattle Mariners in exchange for minor league right-hander Seth Elledge, designated left-hander Tyler Lyons for assignment and placed left-hander Brett Cecil on the 10-day disabled list with right foot inflammation.
Poncedeleon made a memorable MLB debut earlier this week, throwing seven innings of no-hit ball Monday against the Cincinnati Reds.
Tuivailala had a 3-3 record and 3.69 ERA in 31 appearances for the Cardinals this season.