The Ravens also cut linebacker Arthur Brown, safety Terrence Brooks and receiver Jeremy Butler to reduce their roster to the NFL-mandated 53 players. In addition, wide receiver and kick returner Michael Campanaro was placed on injured reserve.
Forsett was an alternate in the 2014 Pro Bowl after running for a career-high 1,266 yards with Baltimore. After spending much of his career as a backup, he was rewarded a three-year, $9 million contract following his breakout season.
Forsett returned as the starter last year and rushed for 641 yards in 10 games before breaking his arm in Week 11. This summer, however, he was used sparingly in the preseason.
Reynolds was a record-setting quarterback at Navy before being drafted in the sixth round by the Ravens. He was trying to make the team as a receiver and kicker returner, but never made the necessary adjustment to master either position.
Butler led the Ravens with 16 catches for 148 yards and two touchdowns in the preseason. But Baltimore is deep at that position, with a depth chart that includes veterans Mike Wallace, Steve Smith and Kamar Aiken.