"Coach Wade has been a veteran voice in heading our defense for the past three seasons," Rams head coach Sean McVay said in a statement. "His wealth of experience, sound advice, and helpful demeanor has been invaluable to our coaches and players, and also has set an example for me as a head coach and a leader of men.
"I thank Coach Phillips for his numerous contributions to the Los Angeles Rams and our community, and I wish he, his wife Laurie, and the rest of the Phillips family the best."
Phillips originally signed a three-year contract with the Rams after Sean McVay was named head coach in 2017. The 72-year-old assistant coach said he wanted to continue coaching when rumors swirled last month that he would not be retained, something he reiterated Monday on social media.
"I have been informed by the Rams that my contract will not be renewed," Phillips wrote on Twitter. "I want to thank them for the opportunity to be a part of their success the last [three] years. Most of all I want to thank the players who I loved [working] with. I still want to coach and feel I can contribute."
Phillips helped the Rams win back-to-back NFC West titles in 2017 and 2018. Los Angeles ranked 12th in scoring defense in his first season leading the defense, and finished third in the NFL in takeaways (30) during Phillips' second season, which saw the Rams reach their fourth Super Bowl in team history.
After losing in Super Bowl LIII, the Rams were eliminated from postseason contention in Week 16 and finished with a 9-7 record this season.