Munnerlyn had two years remaining on the four-year, $17 million contract he signed before the 2017 season. The team's decision to cut Munnerlyn leaves $3 million in dead money on the Panthers' salary cap and saves the club $2 million.
Adams signed a two-year deal with Carolina in 2017 that will expire when the NFL's new league year begins March 13.
Munnerlyn played a rotational role in Carolina's secondary. He started only five games in the last two seasons and had 47 tackles, one interception, two sacks and nine passes defensed.
Munnerlyn spent his first five seasons with the Panthers before playing three seasons with the Minnesota Vikings.
Adams started every contest at safety for the Panthers in his two seasons. He recorded 75 tackles, three interceptions and six passes defensed in 2018. He posted a farewell message on his Instagram account Monday.
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I Appreciate the @panthers for the opportunity the last 2 years. I was told the Panthers are going in another direction. This great city and organization showed me nothing but love while I was here! I have a lot more ball left so I plan on playing this year! I just hope the young boys have learned as much from me as I did from them! 2-9 OUT! #KeepPounding #15
The team's decision to waive Munnerlyn and Adams opens up playing time for third-round draft pick Rashaan Gaulden and Corn Elder.
The Panthers selected Gaulden in the 2018 NFL Draft and used him in a variety of ways last season, including safety and special teams duties. Elder was a fifth-round pick in 2017 and played snaps at nickel last year.