Trufant, 29, was Atlanta's first-round pick (22nd overall) in the 2013 NFL Draft out of the University of Washington. In seven seasons with the Falcons, Trufant started 97 games and recorded 13 interceptions and 329 tackles.
Following the 2015 season, Trufant earned his first Pro Bowl nod and was rewarded with a five-year contract extension in 2017. Trufant suffered a few significant injuries during his tenure in Atlanta and finished both the 2016 and 2019 seasons on injured reserve.
"Desmond has been an integral part of our team's success over the last seven years," Falcons general manager Thomas Dimitroff said. "We owe him a great deal of gratitude for the talent he's provided and the heart and soul he's poured into our organization, on and off the field."
Oliver, 23, was the Falcons' second-round pick in the 2018 NFL Draft. Sheffield, 23, was a fifth-round selection in 2019.
Both Oliver and Sheffield showed promise during the second-half of the 2019 season when the Falcons improved drastically on defense. The duo combined for 104 tackles last season.
Free agency will begin at 4 p.m. ET on March 18, which is the start of the league's new year. The NFL Draft will take place from April 23-25, and the Falcons currently hold the No. 16 pick. To see all of the Falcons' picks in the 2020 NFL Draft, click here.