The CFL club told the veteran tailback Friday it won't be offering him a new contract. Cates is poised to become a free agent next week.
Also on Friday, the Riders signed running backs Kory Sheets, Louis Rankin and Demetrius Crawford.
The Riders acquired the six-foot, 213-pound Cates from Calgary prior to the 2007 season and helped Saskatchewan capture the Grey Cup despite a broken foot.
Cates, 32, was a CFL all-star in 2008 after rushing for 1,229 yards and 12 touchdowns. He ran for 1,054 yards in 2010 but registered 680 yards on the ground last season.