Griffin, 31, is expected to make a decision on his next team after conversations with prospective teams, sources said.
"Blake has been a great representative for our franchise and for the city of Detroit," owner Tom Gores said in a statement Friday. "His work ethic and his approach to the game contributed a lot to our culture. He has been a consummate pro and we wish him continued success.
"I'm grateful for everything he did for our team and for our community."
Finding a trade for Griffin -- who was owed a remaining $36.6 million this season and $39 million in 2021-22 prior to the buyout -- was an insurmountable challenge for the Pistons. Detroit finalized a reduction in his remaining salary to gain free agency with Griffin's agent, Sam Goldfeder of Excel Sports, since the sides mutually agreed he would leave the active roster on Feb. 15 awaiting a trade or buyout.
"I thank the Pistons organization for working together on an outcome that benefits all involved and I wish the franchise success in the future,'' Griffin said in a statement released by the team.
Detroit has entered a full-fledged rebuild under first-year general manager Troy Weaver, and the opportunity to play the franchise's younger players has taken precedence for the Pistons.
Injuries have dramatically altered Griffin's game, eliminating the high-flying rim attacks that marked his All-Star career. He's averaging 12.3 points, 5.2 rebounds and 3.9 assists for Detroit this season.
Griffin was traded less than a season into a five-year, $171 million max deal with the LA Clippers, arriving in Detroit in late January 2018.