Romo will join CBS as the station's lead analyst.
Upon Romo's retirement, owner Jerry Jones called the quarterback, who had been with the Cowboys for 14 seasons, one of the best players in the franchise's illustrious history.
"We wish Tony and his family nothing but the best," Jones said in a statement. "As an organization, we did what he asked us to do in terms of his release, and we wanted to do what was ultimately in his best interest and in the best interest of his family.
"Tony has been a wonderful representative of the Cowboys organization for 14 years, and he left everything he had on the field. He will leave us with many great memories and a legacy of being, truly, one of the greatest players in Cowboys history. We are thrilled for him and his family that he will be able to continue working as a professional in the game he so dearly loves.
"He is a young man who is just getting started on a long journey in life. All the best my friend."
Despite questions about his future, and the Cowboys' delay in releasing Romo, it's clear that his relationship with the organization never deteriorated.
"Tony Romo has a unique combination of athletic ability, arm talent, vision, and instincts for the game," coach Jason Garrett added. "What separates Tony from many other players, however, is a rare competitive spirit. Tony loves to play. Tony loves to compete. The best ones always do. In practice. During games. On the field. Off the field. Tony competes to the end in everything that he does.
"That relentless spirit that Tony plays with is contagious. He makes his teammates better. He makes his coaches better. He makes his team better. He has grown so much as a player and as a person over the course of his career and has made a significant impact on the lives of so many. I consider myself fortunate to be at the top of that list. It has been one of the great privileges of my life to work with Tony Romo, one of the greatest players in Dallas Cowboys history."
"From a Fan Of Yours to Being Your Teammate: THANK YOU for The Advice On & Off the Field to Making Plays that I'll Never Forget!," Prescott wrote on Instagram.
Despite the expedited end for Romo in Dallas, it's easy to understand why the quarterback and franchise will remain close.