The Raiders will release Renfrow on Wednesday, Tashan Reed of The Athletic reports.
The move will open up $8.21 million in cap space for the Raiders in 2024 and was seen as an inevitability unless Renfrow agreed to a large paycut. He caught 103 passes for 1,038 yards and nine touchdowns in 2021 -- his third NFL season -- but then had only 585 yards in 27 games the past two seasons after signing a two-year, $32.33 million extension. He made it through the first season of the extension, but he'll now become a free agent a few months after his 28th birthday. Meanwhile, the Raiders have Davante Adams, Jakobi Meyers and Tre Tucker atop their depth chart at wide receiver, with the latter having replaced Renfrow in the No. 3 role at times during the 2023 season.