The Colts waived Jennings (undisclosed) from injured reserve with an injury settlement Thursday, NFL reporter Aaron Wilson reports.
Jennings initially reverted to injured reserve after he went unclaimed on waivers, but he'll hit free agency once again after he reached a settlement with Indianapolis. The nature of his injury isn't yet known, and it's not clear whether he'll be healthy enough to play in 2021 if he lands with another team.