However, Martin failed to reach even 500 rushing yards in any of his other four seasons in Tampa.
Martin's release frees up $6.75 million in salary cap.
In 2015, Martin looked to be back on track.
Martin's career highlights include 11 100-yard rushing games, tied for second-most in team history.
General manager Jason Licht appeared to foreshadow the move earlier in mid-January, saying Martin "just wasn't ever the same" following his suspension.
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The release of Martin opens the door for a new featured running back for the Bucs in 2018. He stayed healthy for once, playing all 16 games while putting up 1,402 yards and seven touchdowns.
Martin burst on the scene after Tampa Bay selected him with the 31st overall pick of the 2012 NFL Draft. He enjoyed a strong rookie year with 1,454 rushing yards and 12 total touchdowns, and the Bucs seemingly had a rising star on their hands.
Late in the 2016 season Martin was suspended four games after testing positive for Adderall and entered rehab.
Martin then bounced back in 2015, with an All-Pro and Pro Bowl season in which he rushed for 1,402 yards.
The 29-year-old's battles with the injury bug have held him back from reaching his enormous potential and he certainly won't be short of suitors.