The cornerback tweeted his thanks to the organization and teammates Sunday.
The 29-year-old corner's play fell off a cliff last season. In 2013, he ranked 103 out of 110 corners in Pro Football Focus' cornerback grades. For comparison, Cromartie ranked No. 16 in 2012 by the same system.
Cromartie placed some of the blame for his poor play on injuries he suffered last season.
The corner had a $5 million-plus bonus coming and was set to count almost $15 million against the cap. Cutting him saves the Jets $9.5 million. The sides tried to work out a reduction -- which Cromartie said he was open to -- but a solution couldn't be found, Rapoport reported.
There still is a chance the Jets could bring him back at a cheaper rate after he checks the open market, which is deep at the corner position.
In the meantime, the team will move on with second-year corner Dee Milliner, who had a roller coaster rookie season -- being benched several times during the course of the season.