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.
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.”
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.
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.
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.