Sean Jensen also tweeted that Lovie said it was a team decision, not a management-driven decision.
By all accounts, the Bears offered a one-year, three million dollar contract to Olin, who countered with one-year, five million; the Bears offered a one-year, four million dollar ultimatum which Olin didn't take, leading to the Bears signing Spencer.
Olin was a 13-year Bear who started all sixteen games in all but three of his seasons ('98, '00 and '02, 15 games), made six Pro-Bowls and an All-Pro in 2006. He excelled as the leader on the line, knew his responsibilities and performed them well. His play's not the level it was, and the Bears are choosing to move on.
Thank you Olin for your time as a Bear, and good luck wherever you end up, except against the Bears.
The report on Spencer is that he's an Olin Kreutz Lite - serviceable pass-blocker, inconsistent run blocker, but probably better than Olin at this stage of Olin's career. No word yet on the dollars of the deal, but we'll let you know when we know.