The team announced Friday morning that Kolb has been released.
The risky trade -- or, perhaps more accurately, the unwillingness to pull the cord after one season -- ended up costing general manager Rod Graves and coach Ken Whisenhunt their jobs.
Due an untenable $9 million base salary on top of a $2 million roster bonus that was set to trigger at 4 p.m. ET on Friday, Kolb never had a chance of keeping his roster spot without a pay cut. The two sides reportedly discussed different ways of restructuring his contract, but they couldn't find middle ground.
However, with quarterbacks Drew Stanton and Brian Hoyer both under contract and vying for a chance to start, Kolb probably will try to seek greener pastures. It doesn't get any greener than the New York Jets, a team that has already discussed adding Kolb to their quarterback mix "at the right price."