(CC'ing Adam Schefter when you break your own news ... why not!)
Finnegan's release is not official yet, but the team has told him it will be. He was due a $3 million roster bonus by March 13, next Thursday, and was set to count $10 million against the cap. Releasing Finnegan leaves $6 million in dead money while freeing up $4 million in cap space for the year, based on contract data provided by Over the Cap. The cap savings could change because of offset language in his contract, if he signs elsewhere.
This may not be the end of Finnegan's time with the Rams. Fisher left the door open for a possible return, but on a cheaper contract. Injuries kept Finnegan off the field for a big part of the 2013 season. Worse, he slowed down as age started to catch up to him ... after the Rams signed him to a five-year, $50 million deal. If he did return, his role would be limited to nickel duties, where he struggled last season.
For now, Janoris Jenkins and Trumaine Johnson continue on as the starting outside corners for the Rams. There's been some talk that they could pursue Alterraun Verner, another one of Fisher's former Titans, in free agency. That would come at a hefty cost to the team, as Verner's seen as the top CB on the market this year, not to mention the fact that Jenkins and Johnson were both drafted in 2012 with the idea that they would step into the starting CB roles.
The Rams may not need to sign a big ticket free agent, but they will need to add some depth at the position, in either free agency or the draft. It gets thin behind the two starters.