The move was fully expected after Revis was arraigned on five criminal charges stemming from his alleged involvement in a physical altercation earlier this month.
Coming off a nightmare season, Revis was due to count $15.3 million against the salary cap for an organization squarely in rebuilding mode. By cutting the 31-year-old, the Jets will save roughly $9 million in cap space.
"Darrelle Revis is one of the greatest players to ever wear a Jets uniform," Jets owner Woody Johnson said in a statement released by the team. "His combination of talent, preparation and instincts is rare and helped him become one of the most dominant players of his generation. I appreciate Darrelle's contributions to this organization and, wherever his career takes him, his home will always be here with the Jets."
There's a strong argument to be made that no cornerback ever played the position at a higher level than Revis did as the centerpiece of Rex Ryan's defense from 2009 through 2011.
That incredible 2009 season featured a career-high six interceptions and a league-best 31 passes defensed while holding a string of No. 1 receivers -- Randy Moss, Andre Johnson, Terrell Owens, Chad Johnson, Steve Smith and Roddy White -- under 40 yards. Ryan went on to hail Revis' brilliant campaign as the best year a cornerback has ever enjoyed.
In the prime of his career, no NFL player was more competitive, more intense or more prepared than Revis. He took it as an insult if his practice opponent was not properly preparing him for each game. He was often lauded for beating receivers to their spot, running their routes as well as they did.
"Darrelle is the consummate professional," Jets coach Todd Bowles said Tuesday, "and one of the greatest to ever play the cornerback position."
As dominant as he was in earning the "Revis Island" moniker in his prime, the future Hall of Famer's play fell off a cliff last season. Among all players targeted at least 75 times, per NFL Research, Revis' 108.0 passer rating allowed was the highest figure in the league.
Much like Peterson, Revis will be a complicated evaluation for interested teams when the new league year starts March 9. In addition to the legal issues that could result in a suspension or an appearance on the Commissioner Exempt List, potential suitors will have football questions.