FLORHAM PARK, N.J. (CBSNewYork)The Jets cleared up $7.5 million in salary cap space Thursday by parting ways with kicker Nick Folk and offensive tackle Breno Giacomini.

Folk spent the last seven seasons with the Jets and was coming off another strong year. He was 27-of-31 on field goals and 24-of-26 on extra points.

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The 32-year-old kicker, however, was set to have a cap hit of nearly $3.6 million in 2017. His release frees up $3 million in cap space for the Jets.

“It’s a sad day, but that’s the business side of things,” Folk said, according to a news release issued by the team. “I had a great seven years here. I think the only thing that would’ve topped it off would’e been a couple of Super Bowl wins.”

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The Jets signed Giacomini, 31, as a free agent before the 2014 season. He started every game in 2014 and 2015, but played in just five games last season due to a back injury.

Breno Giacomini

The Jets’ Breno Giacomini (68) blocks against the Patriots on Nov. 27, 2016, at MetLife Stadium on Nov. 27, 2016. (Photo by Al Bello/Getty Images)

The 6-foot-7, 318-pounder was set to count $5.125 million against the cap. His release gives the Jets an additional $4.5 million to spend this offseason.

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Before Thursday, the Jets, who went 5-11 last season, had less than $1.5 million in cap room, ranking last in the NFL, according to OverTheCap.com.