11:50am: The Titans will release veteran outside linebacker Shaun Phillips today, according to Jim Wyatt of the Tennessean (via Twitter). Because the trade deadline has passed, Phillips, like all players, will have to pass through waivers before becoming an unrestricted free agent.
Phillips, 33, played nine seasons for the Chargers before joining the Broncos last season and then signing with the Titans this past March. The veteran inked a two-year, $5MM contract with the club, but wasn’t overly effective in a part-time role this season, recording just a pair of sacks after reaching double-digits in 2013. As Wyatt notes (via Twitter), with the club out of the playoff hunt, Ken Whisenhunt and his staff prefer to take a look at some younger defensive players down the stretch.
Because the deal included a $750K signing bonus, the Titans will carry $375K in dead money on their 2015 cap. However, removing Phillips’ base salary from their books creates more than $2.5MM in ’15 cap savings.
Tennessee will have an open roster spot once the release of Phillips becomes official, so a corresponding addition is likely.