The St. Louis Rams have waived Torry Holt, the NFL’s 11th all-time leading receiver.

Holt’s release, together with the pending release of Orlando Pace, will clear about $14 million in cap space for the St. Louis franchise.

“The Rams will forever be grateful for the way Torry Holt represented the Rams on the field and in the community,” commented Chip Rosenbloom in a written statement. “He is an All-Pro in every sense of the word. Over the past 10 seasons Torry has proven himself to be one of the finest wide receivers in league history.”

Rosenbloom said that it was not an easy decision for the management to make. “Torry has meant so much to the organization,” he said. “In my mind and for all Rams fans, Torry will always be a Ram and we wish him and his family nothing but the best as they move forward.”

The Rams selected Holt with the sixth overall pick in the 1999 NFL draft, and he has played for St. Louis for 10 seasons.

“Torry Holt has had an outstanding career here in St. Louis,” praised Billy Devaney, the team’s General Manager. “We thank Torry for the many things he has done for the Rams organization on and off the field.”