Carter was one of the team's top acquisitions in free agency a year ago, signing a four-year, $17 million contract after spending the first four seasons of his career with the Dallas Cowboys.
He lost the starting middle linebacker job to rookie Kwon Alexander during training camp, however and wound up not having the impact the Bucs anticipated -- appearing in 14 games, including three late-season starts, and finishing with 39 tackles and two sacks.
By releasing the 28-year-old, the Bucs avoided having to pay Carter a $750,000 roster bonus due Wednesday. He also was scheduled to earn $3.5 million next season.
Tandy was one of Tampa Bay's 10 unrestricted free agents. A sixth-round draft pick in 2012, he's started seven of 54 games he's played over the past four seasons and has four career interceptions.