Saffold signed a four-year, $44 million contract with the Titans in 2019. He was due a $1 million roster bonus at the end of this week.
Releasing Saffold will save $10.4 million in salary-cap space for the Titans. He was set to hold a $12.8 million cap number this season if he wasn't released.
Entering Thursday, the Titans were $5 million over the salary cap.
Saffold only missed three games from 2019 to 2021 and started 46 of the 49 games during his tenure in Tennessee. But this past season he dealt with numerous injuries and finished having played 81% of the Titans' offensive snaps.
The veteran guard was one of the team leaders, oftentimes being the one that spoke to his position group before taking the field.
Saffold was named to the Pro Bowl for the first time in his 12-year career last season.
Over his career, Saffold has 157 career starts in 160 games with the Titans and Rams. The Rams selected Saffold in the second round of the 2010 draft.
In other moves, the Titans released offensive lineman Kendall Lamm, saving $3.4 million in cap space, and running back Darrynton Evans, saving $785,584. The Titans also agreed to a one-year extension with long-snapper Morgan Cox.