The Buccaneers traded up into the second round Friday night to select former Florida State kicker Roberto Aguayo at No. 59 overall.
In a classy move, Barth took to Twitter to wish his replacement success with the Buccaneers.
Barth, 30, made 23 of his 28 field goal attempts last season and 25 of his 26 extra point attempts.
"Connor has been a productive and efficient kicker in the league over the years and I know he still has plenty of kicks left in his career," Buccaneers general manager Jason Licht said in a statement.
"This past weekend we drafted Roberto Aguayo because we believe he is special and we decided to release Connor in order to give him the best opportunity to explore the market and find the best situation for himself. We would like to thank Connor for all that he has done both on and off the football field during his time as a Buccaneer and we wish him continued success in the future."