The Panthers placed Ray on the reserve/retired list Tuesday, Darin Gantt of the team's official site reports.
Ray signed with the Patriots in May of 2022 as an undrafted free agent out of Alabama but didn't get his first taste of NFL regular-season action until the 2023 season with the Panthers. He appeared in 46 regular-season games (10 starts) across three seasons with Carolina and finished with 73 tackles (29 solo), including 1.0 sacks.