Here's the official list from Panthers.com on who the Panthers released or waived. Of course I have to put a little commentary on it as well!

RELEASED
POS PLAYER EXP COLLEGE
S Reggie Smith 5 Oklahoma - I thought he did enough on that last game to warrant a spot. The fact the Panthers instead traded a draft pick for an unknown player says they strongly felt otherwise. Marty Hurney explains:

"It was a numbers thing with Reggie," Hurney said. "He did a very good job, but it just came down to the fact we had chance to get an excellent special teams player in Colin Jones and we had a good young player in D.J. Campbell.

WAIVED

POS PLAYER EXP COLLEGE
WR Seyi Ajirotutu 3 Fresno State - Too many drops sealed his fate
G Bryant Browning 1 Ohio State - I thought he had a shot in the jumbo package but in the end the Panthers chose the position flexibility Jeff Byers brings

Hurney explains this one too:

"As far as Darius Butler, young corners like Josh Thomas and Josh Norman probably decided that as far as the way they've played. We feel good about those guys."

DT Nate Chandler R UCLA - A high motor guy might land on the PS as well
TE Joe Jon Finley 1 Oklahoma - Though he has nice size he was still very raw
WR Jared Green R Southern - Nice speed and intangibles but didn't show enough to stick
S Jonathan Nelson 1 Oklahoma
LB David Nixon 4 Brigham Young - Nice preseason wasn't enough
DT Ogemdi Nwagbuo 4 Michigan State
RB Tauren Poole R Tennessee - Someone will give this kid a shot if he can stay healthy
S Jordan Pugh 3 Texas A&M - One of my surprise cuts but deserved none the less
T Matt Reynolds R Brigham Young - Has a shot at the PS
TE Nelson Rosario R UCLA
RB Armond Smith 2 Union College (Ky.) - Played well but is very vanilla in what he offers
CB R.J. Stanford 2 Utah - My biggest surprise cut as I thought he played well enough to beat out Josh Thomas but he had no upside
DE Ryan Van Bergen R Michigan - I liked his game and hope to see him on the PS
G Justin Wells 1 St. Augustine’s
LB Jason Williams 4 Western Illinois - a bit of a surprise but he lost the numbers game
G Zack Williams 2 Washington State - Former 6th round pick is out
LB Kion Wilson 3 South Florida