The move, listed on the NFL’s official transactions report on Thursday afternoon, will save the Saints at least $4 million but comes less than a year after New Orleans signed Coleman to a three-year deal worth more than $16 million.
The deal included a $4.5 million signing bonus, $3 million of which will count against the Saints’ 2019 salary cap.
The 30-year-old Coleman played in 18 games for the Saints but saw his snap count decline over the course of the season as the club increasingly relied on second-year safety Vonn Bell. Coleman finished the regular season with 30 solo or assisted tackles, including one tackle for loss and a forced fumble. He did not have an interception or pass breakup. In two playoff games, he assisted on a special teams tackle.
Coleman began his NFL career with Philadelphia in 2010 and had his most productive campaign as part of Carolina’s 2015 Super Bowl team, intercepting seven passes that season.