Rice battled a shoulder injury last season, and injury that limited him to eight games and just two sacks before he was placed on the season-ending injured reserve list.
"Every player has a different type of physical, but there's a standard physical and it's a player's responsibility to report his physical conditions or ailments to the doctors at the beginning of training camp," said Buccaneers General Manager Bruce Allen when Rice was released. "He didn't feel he was capable of going. His last chapter is not written and Simeon will always be recognized with the Buccaneers."
Rice played six seasons with Tampa Bay, recording 69 1/2 sacks, the third most in team history.
In 11 seasons, including five with Arizona, the 6-foot-5 inch, 268-pounder has 584 tackles, 121 sacks and 37 forced fumbles.