The Carolina Panthers released veteran running back Miles Sanders, the team announced Tuesday.

The two sides negotiated a restructured contract but weren't able to reach an agreement, a source told ESPN's Jeremy Fowler. The 27-year-old originally joined the franchise during the 2023 offseason on a four-year, $25-million deal.

Carolina will save $5.2 million in salary-cap space, with $2.9 million in dead cap, by releasing Sanders, according to Over The Cap. He was due $6.7 million in 2025, including a $1-million bonus due Friday, notes NFL Network's Tom Pelissero.

Sanders - a former 1,000-yard rusher for the Philadelphia Eagles - didn't live up to the hype in Carolina, averaging 3.5 yards per carry on 184 attempts across two seasons.

He was limited to 205 yards and two touchdowns on the ground in 2024 while serving as the Panthers' RB2 behind Chuba Hubbard. Carolina also drafted Jonathon Brooks in the second round last year, but the promising running back sustained a torn ACL in December.