Steelers Rumors: Patrick Peterson Released Ahead of 2024 NFL Free Agency

The Pittsburgh Steelers are moving on from Patrick Peterson after one season together.

Per ESPN's Adam Schefter, the Steelers will release the eight-time Pro Bowl cornerback after he signed a two-year deal with the team last offseason.

Peterson was set to count $9.8 million against the cap in 2024. Releasing him will save the Steelers $6.9 million in cap space. They were just over $11 million under the cap entering the day.

The 33-year-old Peterson was a free agent last offseason after spending two years with the Minnesota Vikings. He was coming off a strong season in 2022 with 15 pass breakups and five interceptions in 17 games.

Sam Monson of Pro Football Focus ranked Peterson as the No. 31 cornerback in the NFL entering last season.

"At this point in his career, he is better in zone coverage than he is playing man to man, but he showed that he is still capable of very high-level play if he can be protected a little within the scheme," Monson wrote.

Peterson took a step back in 2023 with four touchdowns allowed and two interceptions. His 11 missed tackles were the most in a single season in his career and he had the highest missed-tackle percentage of his career (20.8).

The Steelers will likely try to address the cornerback position either in the draft or free agency. Joey Porter Jr. started 11 games as a rookie. Levi Wallace, who made nine starts and appeared in 16 games last season, is set to become a free agent.

One of the biggest factors working in Peterson's favor as he enters free agency at this stage of his career is durability. He has played at least 95 percent of his team's defensive snaps in every season since entering the NFL in 2012.