He said he has had a good run and is not owed a place in the team.
The 108-test veteran was told yesterday he would not be part of the 31-man squad for the Japan tournament.
"I'm disappointed," Franks told Newshub.
"But I'm well aware as a professional athlete, and especially an All Black, that your time in the jersey isn't owed."
He added: "I really can't sit here and complain. I've been to two World Cups and been lucky enough to win two medals."
All Blacks coach Steve Hansen said earlier today that it was a difficult phone call to Franks but the experienced prop handled it well, which he said was a mark of the man.
Franks (31) said the conversation with Hansen was brief, "but I don't have long conversations with a lot of people".
He now planned to play for Canterbury before joining English club Northampton after the World Cup. He would be watching the tournament from home, he said.
"I want nothing more than to see those guys lift that trophy."
All Blacks selector Grant Fox told Newshub he wanted Franks to stay fit.
"I'm just not sure if we've seen the last of Owen Franks in a Rugby World Cup or a black jersey. Because at the last World Cup we had a couple of props get injured."
At a press conference following the announcement of the squad, Hansen described Franks as one of the great All Blacks.
"He's certainly shown true character. His professionalism on and off the field has been magnificent over the years, he's played over 100 tests.
"Unfortunately, we as the three selectors, we believe the game requires us to have big, mobile No 1s and No 3s and in this case we just think the other guys that we've named are more so than he and therefore we had to make a tough decision."
Tuungafasi and Ta'avao, in particular, showed their ability to run the football throughout the Super Rugby season, with Tuungafasi taking the most runs of any tighthead prop in the competition.
Tuungafasi, Ta'avao and Moli can all play on both sides of the scrum, while Moody and Laulala are likely to draw starting roles at loosehead and tighthead respectively.
Franks is the seventh most-capped All Black, but has the unusual record of never scoring a test try.