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Cowboys Releasing Romo; Bills Restructure Deal To Keep Taylor

NEW YORK (CBSNewYork) -- One big-name quarterback is hitting the open market while another signal-caller is staying put.

According to multiple reports, the Dallas Cowboys have informed Tony Romo they will release him Thursday. Meanwhile, Tyrod Taylor has agreed to a restructured contract with the Buffalo Bills, the team announced Wednesday.

Romo became expendable after rookie quarterback Dak Prescott led the Cowboys to a 13-3 record and was voted Rookie of the Year. Prescott was given the opportunity to start after Romo broke a bone in his back during the preseason. Not helping matters for Romo, either, was that he was set to count $24.7 million against the salary cap in 2017.

The Denver Broncos and Houston Texans are among the teams expected to pursue Romo, who turns 37 next month.

Romo spent 13 seasons with the Cowboys -- 10 as their starter. He was a four-time Pro Bowler who went 78-49 as a starter. He is Dallas' all-time leader in passing yards (34,183) and passing touchdowns (248), but he never could match the postseason success of his predecessors Troy Aikman and Roger Staubach.

The Bills signed Taylor to a five-year, $90 million contract extension in August, but the team could have opted out of the deal -- and $30.75 million in guarantees -- by Saturday.

The reworked contract is for five years and includes a $7 million signing bonus, the Buffalo News reported. It also lowers Taylor's salary cap number for 2017 from $16 million to just under $10 million.

In Taylor's second season as a starter in 2016, he completed 61.7 percent of his passes for 3,023 yards with 17 touchdowns and six interceptions. He also rushed for 580 yards and six TDs.

Taylor, 27, was reportedly among the quarterbacks the Jets were interested in acquiring this offseason.

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