Jacksonville informed Jackson on Friday that he will be released, NFL Network Insider Ian Rapoport reported, per a source. ESPN first reported the news.
Jackson had three years remaining on a six-year, $85.5 million contract inked in 2016, but the defensive tackle was no longer due any guaranteed money. Jackson will count just $4 million against the cap, and the Jags will save $11 million as they likely prepare to sign quarterback Nick Foles.
Rapoport added that the Jags tried to trade Jackson, but the money owed to him made that difficult.
The transaction does not come as a surprise given the way Jackson's contract was structured and how much, or little, the defensive tackle contributed last season.
Jackson started every game during his first two seasons in Duval and recorded 14.5 sacks and four forced fumbles. But Jackson played just 61.4 percent of the Jaguars' defensive snaps in 2018 and fewer than 30 snaps in each of Jacksonville's final three games. The DT finished with 3.5 sacks, his fewest total since 2014.
Hyde had two years left on his contract but will not count anything against the Jaguars' cap. Jacksonville will save $4.7 million in 2019.
It might not take long for Hyde to find a new franchise, as Rapoport reported late Friday that the running back will visit the Kansas City Chiefs on Saturday.
Rapoport reported earlier this week that Gipson was on the trading block. The safety, 29, was owed $7.25 million in base salary in 2019. Jacksonville saved $7.45 million by cutting him.
Cutting Parnell, 32, saves the Jags $6 million in '19. The right tackle started 13 games in 2018 before finishing the season on injured reserve. The release of Tinker saved Jacksonville $860,000.
If you do the math, Friday's five cuts saved the Jaguars roughly $30 million in cap room for 2019. Foles, or any other free-agent quarterback, won't cost much more.