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The team cannot terminate for "any" reason. That is real life. They are no different in that respect than any other non-governmental company in America. There was a change made when the CBA was extended which has allowed teams broader latitude to fire players for getting arrested and the like, but since people here have been trying to play semantics with "voluntary", I find it interesting that they've been so careless with "any reason".
Technically 'any reason' is incorrect because it assume a reason is required.
Technically NFL teams can terminate players "WITHOUT REASON".
Many employment contracts in many fields include 'probationary periods' typically 90 days where employees can be terminated without reason. This insulates the companies from lawsuit filed by employees who were hired but should not have been, and has held up consistently in court. In the NFL it is a similar provision only rather than a probationary period, the termination without cause aspect is perpetual.