Panthers released the 30-year-old quarterback after nine seasons.
The move became a mere formality after the Panthers made it clear last week they were moving on from Newton by giving him permission to seek a trade and then agreeing to a three-year, $63 million contract with free agent quarterback Teddy Bridgewater about 90 minutes later.
On Monday night, Newton posted on his Instagram account that he was “hungrier” now because he is “unemployed.”
“Cam has meant a lot to this organization and the Carolinas,” general manager Marty Hurney said. “Everyone saw his performances on the field. I had the privilege of seeing how hard he worked off the field, and his commitment to this team when no one was watching. He’s the ultimate competitor and it physically hurts him to lose. He willed this team to victory on many occasions and will always be considered one of the greatest players in the history of this franchise. His contributions to this team, this community and the game of football will leave a lasting impact on our organization.”
According to reports, the Panthers tried to send Newton to the Bears or Chargers but were unable to make a deal, and there are no starting quarterback jobs available.
Releasing Newton was the only option, according to ESPN.
Newton now becomes a free agent and can sign with another NFL team immediately.
The move frees up $19.1 million in salary cap space for the Panthers. They’ll have to absorb $2 million in dead cap money.
The Panthers have agreed to a three-year, $63 million contract with free agent quarterback Teddy Bridgewater and on Monday agreed to a deal with former XFL star quarterback P.J. Walker.