Byrd signed a six-year, $56-million deal with the Saints in March 2014 after spending the first five seasons of his career with the Buffalo Bills.
The 30-year-old recorded 82 tackles, three pass deflections, and two interceptions, playing in all 16 games for the Saints. It was Byrd's first full campaign since the 2012 season.
Byrd was owed $7.9 million in base salary and holds an $11.7 million cap hit for the 2017 season.
Upon his release, Byrd will join a free-agent class that includes Tony Jefferson, Johnathan Cyprien, and Micah Hyde.
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