Cutting Vaccaro now would save the Titans just over $3.9 million. The move comes as ESPN's Adam Schefter reported the 2021 salary cap will be $182.5 million, a steep drop from the 2020 cap of $198.2 million.
Vaccaro had 72 tackles, five passes defended and one sack in 13 games with the Titans in 2020. It was his third year with the team after signing in 2018. He then penned a four-year, $26 million extension the following offseason.
The 30-year-old is the second starter gone from the Titans' secondary after the agent for Malcolm Butler confirmed the 2015 Pro Bowler is on his way out.
In the case of Vaccaro, the Titans already have a succession plan, with 2019 fourth-round draft pick Amani Hooker set to take over after having appeared in every game through his first two years.
Vaccaro, meanwhile, should have some suitors based on his experience (109 starts in eight years) and general track record (574 tackles and 10 interceptions).
Because he's not an elite safety, he's unlikely to command a premium on his next deal, which will also be a consideration for teams looking to address their secondary while remaining under the cap.