Head Coach John Harbaugh said teams were inquiring about Monroe’s status Tuesday, but trade talks with the New York Giants reportedly fell through.
Monroe had the highest base salary ($6.5 million) on the team and the third-highest cap hit ($8.7 million).
Releasing him means the Ravens save that $6.5 million in salary-cap space, though are hit with $2.2 million in dead money this year and $4.4 million in 2017. The Ravens can help offset some of that hit next year if they carry over some of this year’s extra cap space into next offseason.
The trade marks the end of an odd offseason with Monroe in which it long appeared he would not be back with the team in 2016.