Set the Craftsman router’s depth of cut to zero. This will extend the router base to allow full access to the router bit collet. The collet is the double hexagonal nut assembly that holds the bit’s shaft into the router motor.
Open an adjustable wrench for each of the two hexagonal nuts of the router collet. There is a larger hexagonal nut at the base of the router bit shaft and a second smaller hexagonal nut adjacent to it on the bit’s shaft.
Hold the large hex nut firmly locked in place and rotate the smaller hexagonal nut counterclockwise to loosen the collet and release the bit shaft.
Pull the router bit away from the router motor to remove the bit’s shaft from the collet.