Schaub was released by the Raiders on Monday, CSN Bay Area reports. Schaub's release comes as little surprise after the Raiders signed backup quarterback Christian Ponder last week. Additionally, by releasing Schaub, Oakland will save $5.5 million in salary cap space to invest elsewhere, since Derek Carr is clearly their top signal-caller moving forward. Expect Schaub to sign elsewhere with a team looking to add a veteran presence to their quarterback ranks.