Cribbs worked out with the Colts (6-4) last week but has not played since getting injured late last season. He is third in NFL history with 10,505 career kickoff return yards.
Indianapolis made the moves Tuesday after placing running back Ahmad Bradshaw on season-ending injured reserve with a fractured left leg and waiving linebacker Victor Butler. Indy also added running back Michael Hill to the practice squad and released receiver Eric Thomas.
Saunders was cut by the Colts at the end of training camp after spending parts of 2012 and 2013 with Indy.
Bradshaw was injured Sunday night against New England. He rushed for 425 yards and had a career best six TD catches.