"I want to thank Matt for his contributions to our team over the last two years," Titans general manager Ruston Webster said. "He was an important part of the transition process -- he was a pro at every turn and he provided an example to the rest of the team. I know that we are a better team for his being here and we wish him the best."
"I understand the business side of the game and am thankful for what he has taught me," Locker said. "He is a great football player and even better person and I wish him nothing but the best."
Hasselbeck, 37, was brought aboard in 2011 to help the transition process to Locker, the eighth overall pick in the 2011 NFL Draft. Hasselbeck had one year and $5.5 million remaining on his contract. He was open to the Titans' wish to reduce his salary, but no progress was made in negotiations.
Locker replaced Hasselbeck as starter last season, but Locker's injury issues likely will spur the Titans to find an experienced backup quarterback. Ryan Fitzpatrick and Kevin Kolb are two logical options.
As for Hasselbeck, he'll likely catch on elsewhere in a similar role that he had in his final season with the Titans. He won't sniff the money he was scheduled to earn before the Titans swung the axe.
Follow Dan Hanzus on Twitter @DanHanzus.