Jones, 31, would have been due a $3.3 million bonus if he had remained with the team. He was scheduled to earn $2.8 million in base salary next season.
Last season, Jones rushed for a career-high 1,402 yards during the 2009 season. He also scored a team record 14 touchdowns rushing and set the single-game rushing record with 210 yards against the Buffalo Bills.
(Reporting by Gene Cherry in Salvo, North Carolina, Editing by John Mehaffey)