Hasselbeck was due to earn a base salary of $5.5 million in 2013 with the Titans -- in addition to $2 million of his $6 million signing bonus. Tennessee will save $6 million by cutting Hasselbeck, as the former Boston College quarterback will still account for $1.5 million in a dead-money cap hit.
Tennessee signed Hasselbeck prior to the 2011 season. Hasselebeck started all 16 games for the Titans in 2011, completing 61.6-percent of his passes for 3,571 yards and 18 touchdowns.
Hasselebeck was never supposed to be more than a transition quarterback for the Titans, however, as Tennessee drafted Jake Locker with the No. 8 overall pick of the 2011 NFL Draft. Locker became Tennessee's starter in 2012, after spending 2011 on the bench, learning behind Hasselbeck.
The Green Bay Packers, under Mike Holmgren, selected Hasselbeck in the sixth round of the 1998 NFL Draft. Holmgren brought Hasselbeck to Seattle in a 2001 trade with the Packers. Hasselebeck subsequently spent 10 years in Seattle, starting 152 games and leading the Seahawks to Super Bowl XL.
Hasselbeck instantly becomes one of the best quarterbacks on the free agent market, and will likely garner plenty of interest around the league as a veteran backup.