The move opens up $2.65 million in cap space, with the rest of Coleman's $5.25 million hit absorbed in dead cash.
The Panthers also parted ways with longtime defensive end Charles Johnson. Drafted in 2007 out of Georgia, Johnson ranks second all-time in franchise history in sacks and forced fumbles behind Julius Peppers. Johnson saw a diminished role on defense in 2017 and was a healthy scratch for the Panthers' playoff game against the Saints.
Set to turn 30 in July, Coleman started 12 games for Carolina last year in his third season with the franchise. Finishing as the 82nd-ranked player at his position, per Pro Football Focus, Coleman's exit will allow the Panthers to pursue a younger option at safety.
It's fair to wonder if Bills coach Sean McDermott, Carolina's old defensive coordinator, would make a play for Coleman's services. The veteran also played in Kansas City under ex-Chiefs general manager John Dorsey. Now in Cleveland, Dorsey could snatch up the backstop to help a defense sorely in need of safety depth.
With the league year just weeks away, look for clubs across the NFL to clear cap space by shedding weather-worn veteran help. Coleman and Johnson know the feeling.