Olsen spent the 2020-21 season with the Seattle Seahawks after playing nine years with the Panthers. In Carolina, he became the first tight end in league history to record three consecutive 1,000-yard seasons from 2014-16.
The Panthers released the 35-year-old Olsen during the 2020 off-season under new head coach Matt Rhule. He signed a one-year contract with the Seahawks in February.
Olsen signed a deal to be Fox Sports' No. 2 NFL television analyst in July. He will be paired with Kevin Burkhardt for the 2021 season.
"Proud of what I was able to accomplish in this league, proud of the relationships and everything that the game has given me," Olsen said during Fox Sports' pre-game show before the NFC Championship Game. "But sometimes, when it's time, it's time. And my time in the NFL now has come to an end. I'm excited for the next chapter."
The Bears drafted Olsen in the first round of the 2007 NFL Draft out of the University of Miami. He was traded to the Panthers in 2011, finishing as Carolina's all-time leader in receiving yards (6,463), receptions (524) and 100-yard receiving games (10) by a tight end.
In 199 career games between the Bears, Panthers and Seahawks, Olsen -- a three-time Pro Bowl selection -- recorded 742 catches for 8,683 yards and 60 touchdowns.