The cap-needy Ravens gained $5 million in space by cutting Maclin after he recorded career lows with 40 catches for 440 yards. He was due a $1 million roster bonus on Friday.
This move was expected after general manager Ozzie Newsome said last month that he wanted to change the look of the team's wide receiver room. Parting ways with Maclin comes one day after the Ravens reached agreements with wide receivers Ryan Grant and John Brown.
Maclin's struggles were compounded by injuries. He missed two games in October with a shoulder injury, and he was sidelined for the final two games with a knee issue. Maclin, 29, has played a full 16-game season twice in his nine-year career.
There were high expectations when Baltimore signed Maclin to a two-year, $11 million contract after he was abruptly released by the Kansas City Chiefs last offseason.
Considered the top wide receiver available at the time, Maclin had averaged 68 catches, 900-plus receiving yards and six touchdowns in the first seven seasons of his NFL career. With Baltimore, he topped 50 yards receiving in only three games.
The Ravens' four offseason departures -- Maclin, Lardarius Webb, Austin Howard and Danny Woodhead -- created $11.55 million in cap space as well as $6.8 million in dead money. These moves allowed Baltimore to nearly triple its original cap room.