Gamble, the team's top cornerback, frees up $7.9 million in cash and salary-cap space for Carolina, getting the team under the cap in advance of the March 12 deadline.
"I appreciate the contributions of Chris during my first two years as head coach and to the organization for many years,” Ron Rivera said. “He always handled things the right way and we wish him the best."
I mentioned this in my Panthers free-agency preview, but the secondary is going to be a major concern for Carolina this offseason. Josh Norman, the Panthers' fifth-round pick in 2012, is now their No. 1 cornerback with Gamble being released and Captain Munnerlyn hitting unrestricted free agency.
The biggest problem is they don't have a ton of money to work with and they have a lot of holes to fill. Don't expect them to go out into free agency either (not that they can with their cap situation): New GM Dave Gettleman has repeatedly said he isn't interested in big-ticket free agents.