Romo was released by the Cowboys on Tuesday, Todd Archer of ESPN.com reports.
Romo will be designated as a post-June 1 release, meaning the Cowboys won't receive credit on the salary cap until June 2. In doing so, the Cowboys will save $14 million against the cap in 2017 but will still have to pay the veteran quarterback $10.7 million next season. If Dallas released Romo outright on Tuesday, they would only save $5.1 million against the cap and would have to pay Romo $19.6 next season. The release will free up enough cap space so that the Cowboys will not have to restructure the contracts of Dez Bryant or Tyrone Crawford, moves the team was willing to make on a tight budget this offseason. Romo has already reached a verbal agreement with CBS to be the No. 1 color commentator alongside Jim Nantz. He leaves the Cowboys as the team's all-time leader in passing touchdowns, passing yards, and passer rating.