The Los Angeles Rams annual dance around the salary cap took its first step with the team deciding on Thursday it will release All-Pro linebacker Bobby Wagner, according to numerous reports.

Wagner lasted just one season into his five-year, $50 million contract before the Rams concluding the salary cap room he would free up was worth more than having one of the most productive players at his position.

His contract did come with a $10 million guarantee and that included a roster bonus for 2023 of $3.5 million. Unless there is language in his contract that offsets those terms, Wagner, 32, will receive a rich going-away present from the Rams.

The Rams, according to spotrac.com, are over the 2023 cap by some $16 million.

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Wagner, a former Seattle Seahawks star, will hit the free-agency market for the second time in two years on March 15.

He will still count $7.5 million in dead money against the Rams’ cap next year. Although the Rams will realize an additional $5 million in cap space with the move.

The Rams could save more dough if they release Wagner after June 1. But the market might not be as lucrative for Wagner and it appears L.A. will not go that route after sources said the two parties had an amicable and positive conversation on Thursday.

Wagner, a nine-time All-Pro, was sensational for the Rams (5-12) which had the worst season of any defending Super Bowl champion team. He started all 17 games, had a career-high six sacks and recorded 140 tackles, with two interceptions.

L.A. will be making numerous more roster gyrations as it finds a way to get under the cap, while building a squad which doesn’t duplicate last season’s nose dive.