Jones signed a four-year, $12 million contract with the Ravens last offseason and was due to receive $2.5 million this season. He had a $3.375 cap number for 2015.
Jones, 30, caught only nine passes for 131 yards last season. He also averaged 30.6 yards per kickoff return.
He helped the Ravens win the Super Bowl after the 2012 season, catching a crucial 70-yard touchdown pass from Joe Flacco in the final minute of regulation in the AFC divisional playoff game against the Denver Broncos. The Ravens went on to beat the Broncos in overtime and the San Francisco 49ers in Super Bowl XLVII.
NFL's Most Versatile Scorers
Here's a look at active NFL players who have scored in four or more different ways during their careers, starting with Jacoby Jones. The 2012 Pro Bowl returner has four punt-return and three kick-return touchdowns during his career with the Houston Texans and Baltimore Ravens. His three kick-return touchdowns rank eighth among active players. When Jones isn't returning, he's proven to be a capable offensive weapon, highlighted by his 12 receiving touchdowns and one two-point conversion since 2009.
Before he was a key cog in the Patriots -- and now Broncos -- machine, Welker was a jack of all trades with the Dolphins. Not only did he return a kickoff for a touchdown, but also he kicked a 29-yard field goal and two extra points when the Dolphins regular kicker was unable to play. He also has a two-point conversion to his credit and 42 receiving touchdowns.
The former USC Heisman trophy winner may be most well known for his running (29 TDs) and receiving (16 TDs) prowess, but he's proven to be even more versatile. The current Detroit Lions running back returned four punts for touchdowns and converted three two-point conversion attempts during his five-year tenure with the New Orleans Saints.
Sproles has scored in five ways -- 25 receiving touchdowns, nine rushing TDs, three punt return TDs, two kickoff return TDs and three two-point conversions.
Seattle's star running back has amassed an impressive 52 touchdowns since joining the league in 2007. While most of those scores have come on the ground (48), Lynch has also scored four times through the air -- three times as a receiver and once as a passer. His lone two-point conversion score from his rookie season puts him on this list.
One of the fastest men in the NFL, Smith is a threat to score every time he touches the ball. Now in his 13th year in the league, he has racked up 64 receiving touchdowns, two rushing scores, four on punt returns, two on kickoff returns and two two-point conversions.
Saints quarterback Drew Brees has notched most of his scores through the air -- 330 touchdown passes -- but he has also run for 10 more scores and converted two-point tries. While with the Chargers in 2003, he caught a 21-yard touchdown pass from LaDainian Tomlinson for his only receiving score.
The bruising 49ers running back has proven he can score on the ground (52 rushing scores) and through the air (10 receiving touchdowns). He even converted a two-point attempt in 2008. But in 2012 Gore upped the scoring ante by scooping up a fumble and returning it nine yards for a score against the New England Patriots in a thrilling 41-34 win.
Hester famously returned a missed field goal attempt 108 yards for a touchdown. He also has returned 12 punts for touchdowns, five kickoffs and made 14 scoring receptions.
The Redskins linebacker has scored twice on safeties, twice on interception returns, has a fumble recovery for a touchdown and caught a conversion pass from Keith Lyle in a 2000 game against the Falcons.
Ted Ginn Jr.
The ninth overall pick in the 2007 draft, the speedy Ginn has eight receiving touchdowns, two rushing and three each via kickoff and punt return.
“We think he can still play in the NFL, and releasing him now allows him a better opportunity to land with another team,” Ravens general manager Ozzie Newsome said. “We don’t win Super Bowl XLVII without Jacoby. Jacoby was an outstanding Raven, good teammate on and off the field.”
Jones has 203 catches for 2,733 yards and 14 touchdowns and another nine touchdowns from punt and kickoff returns in his eight-year career with the Houston Texans and Ravens.
His best season was in 2012, when he averaged 30.7 yards per kickoff return and scored two touchdowns. He was named the first-team All-Pro Kick returner by the Associated Press.
- Scooby Axson