"I never thought I would see this day," Rice said. "But it's here now and I feel pretty good about it."
Rice was set to return for his 21st season in the NFL after agreeing to terms on a contract with the Denver Broncos, but decided to retire when he was told he might not play a major role with the team.
"I felt I came in and gave it my best shot and I still wanted to play," said Rice. "It didn't happen. I am still going to hold my head high and stay positive."
A two-time NFL Player of the Year, Rice holds just about every league record for wide receivers -- including 1,549 receptions, 22,895 receiving yards and 197 touchdowns. He also holds the record for total touchdowns with 208.