Joseph was set to make $6 million in 2014. Cutting him wipes that number off the Bucs' books.
"Their house, their rules," Joseph told The Tampa Tribune. "Free agency will be a new adventure for me."
The former first-round draft pick had a disastrous season coming off knee surgery that caused him to miss the entire 2012 campaign. Pro Football Focus ranked him 80th among 81 qualifying guards in 2013.
Joseph spent his entire eight-year career in Tampa, starting 99 games.
While cutting Joseph is a prudent move for the Bucs -- who sat just shy of $19 million under the salary cap prior to the release -- it leaves big question marks along the offensive line. New coach Lovie Smith and general manager Jason Licht will be in the market for several linemen when free agency opens on Tuesday.