Charles, 30, played in five games in 2015 before the second ACL injury of his career ended his season. He returned for three games in 2016, but the lingering effects of that injury forced the team to shut him down.
Charles topped 1,000 rushing yards five times in nine seasons, reaching his peak in 2012, when he racked up 1,509 yards. He has put up gaudy yards-per-attempt totals throughout his career, averaging 5.5 per carry.
Though he likely will draw some interest on the free-agent market, the Chiefs were ready to move on from his $6.1 million cap number given that Spencer Ware has firmly established himself as the team’s No. 1 running back.