This comes as quite a surprise. We knew that there was no way Matt Hasselbeck was going to be brought back at his original cap number, but both sides seemed confident that a restructure could get done. Apparently that was not the case.
This means the Titans will be looking to add a veteran quarterback soon. While some people in that building might like Rusty Smith, this team cannot afford to go into the season with Rusty as the #2 given Jake Locker's injury history- especially in a season where the whole staff has to win or get fired.
Hasselbeck will very much be missed in the quarterback room leading up to games as well. He was one of the few veteran leaders the Titans had in 2012.
Statement from Ruston Webster:
I want to thank Matt for his contributions to our team over the last two years. He was an important part of the transition process - he was a pro at every turn and he provided an example to the rest of the team. I know that we are a better team for his being here and we wish him the best.The moves saves the Titans $5.5 million against the cap for 2012.