Freeman was benched last week after poor play and amid a seemingly fractured relationship with coach Greg Schiano. Despite the quarterback's release, the team has to pay Freeman all of the $6.2 million he is owed for the remainder of this season.
"We made the decision today to release Josh Freeman. We appreciate his efforts over the past five seasons, but we felt this was in the best interests of both Josh and the Buccaneers," Buccaneers general Manager Mark Dominik said in a statement.
SI.com reported earlier this week that Freeman had been fined twice by the club in the last month, including once in the last week, for conduct detrimental to the team.
The infractions included missing at least one team meeting and participating in an unauthorized media interview. Freeman, 25, will now try to revive his career elsewhere.