Woodhead carried cap numbers of $3.3 million for 2018 and $3.75 million for 2019, according to Over The Cap. Cutting him now saves $1.8 million against the cap next season.
The 33-year-old was signed to a three-year, $8.8-million contract last offseason. He played just eight games in his one season with the Ravens, spending time on the injured reserve due to a hamstring injury suffered in Week 1.
He finished the season with 14 carries for 56 yards and no touchdowns, adding 33 receptions for 200 yards.
His release leaves Alex Collins and Javorius Allen as the lead backs in Baltimore's backfield.
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