The NFL's safety market continues to fall on hard times.
Coming two weeks before the start of the season, Cincinnati's decision comes as a surprise. A fifth-round draft pick in 2012, Iloka has been a mainstay in Marvin Lewis' secondary, starting 76 of a possible 82 games over the past five years.
The move is purely financial, Garafolo added, as Iloka is due $5.3 million in salary and roster bonuses this season. The Bengals had kicked the tires on Eric Reid as a potential replacement earlier this offseason, but the former 49ers starter remains out of work in a veteran safety market that has been historically slow to develop.
Reid went on to file a collusion grievance against the NFL following his visit with Cincinnati.