Carolina tagged Williams Tuesday as a post-June 1 designation, which allows them to save money under this year's salary cap by pushing a portion of Williams' prorated signing bonus into 2016.
The announcement doesn't come as a surprise.
Williams, 31, told Charlotte television station WBTV on Feb. 23 that general manager Dave Gettleman and coach Ron Rivera informed him he'd be released.
Rivera says in a release Williams ''will forever be remembered as one of the quintessential Panthers of this era.''
Williams ran for 6,846 yards and 46 touchdowns in Carolina, but his production dropped off in recent years. Injuries kept him out of 10 games last season and he ran for just 219 yards.
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