Douglas was set to make $3.5 million in 2015, final year of a four-year deal.
The move continues somewhat of an overhaul of the Atlanta offense, with running back Steven Jackson being released on Thursday. Jackson's release saved the Falcons $3.75 million against the salary cap.
[daily_cut.nfl]Douglas has spent his entire career with the Falcons, being drafted by the team in third round in 2008.
"I’m doing good,” Douglas said, according to the Atlanta Journal-Constitution. “I understand. One thing I can say is that I thank the Falcons organization for the seven years that I had there.
"They gave me the opportunity to play in the city where I grew up. I grew up a Falcons fan. “I was the hometown kid. To be able to play in the town were it grew up in for seven years was a blessing. I don’t have (any) hard feelings," he said.
Douglas' best season came in 2013 when, in the absence of receiver Julio Jones, he caught 85 balls for 1,067 yards and two scores.
Douglas only played in 12 games last season, catching 51 passes for 556 yards as he battled injuries.
- Jack Jorgensen