The Chicago Bears cut veteran wide receiver Earl Bennett after he refused to accept a pay cut.
The transaction frees up $2.45 million in salary-cap room.
A former third-round draft pick from Vanderbilt, Bennettt has 185 career receptions for 2,277 yards and a dozen touchdowns in six seasons with the Bears.
Bennett, 26, is expected to draw interest from several teams.
Among the logical fits: the Carolina Panthers, Pittsburgh Steelers, Kansas City Chiefs, New York Jets and the Tampa Bay Buccaneers.
Follow me on Twitter: @RavensInsider
Aaron Wilson covers the Ravens for The Baltimore Sun
Check out our partners at TiqIQ for the best deals on all games on the 2014 NFL schedule.
SEP 19 Jeff Fedotin
Jets hold out hope cornerback can bolster beleaguered secondary.
SEP 17 Jesse Lawrence
Jesse Lawrence of TiqIQ takes a look at the hot tickets this weekend.
SEP 16 Joel Corry
After registering 19 sacks in 2013, the St. Louis pass rusher cashes in big.