The Colts officially released Ryan on Wednesday, JJ Stankevitz of the team's official site reports.
Per Scott Horner of the Indianapolis Star, by cutting the 37-year-old, the Colts freed up $17 million in salary cap space. In the wake of Ryan's departure, fellow quarterbacks Nick Foles and Sam Ehlinger remain under contract with Indianapolis, with the team expected to add depth at the position this offseason.