The Colts waived Felton on Tuesday, JJ Stankevitz of the team's official site reports.
Felton joined the Colts on Aug. 12 and played in the final two preseason games, during which he accumulated 57 yards and one touchdown on 13 carries. The 2021 sixth-round pick could be invited back to the Colts' practice squad, or he could explore other options assuming he goes unclaimed off waivers.