Holloway (elbow) was activated off the 60-day injured list and outrighted to Triple-A Jacksonville on Tuesday, Christina De Nicola of MLB.com reports.
Holloway underwent arthroscopic elbow surgery in early August. The transaction doesn't mean he's now healthy -- it just means he'll continue his recovery while no longer a member of the 40-man roster. He only made a single appearance at the big-league level this season and only threw 23.2 innings in the minors, spending most of the season on the shelf.