Richardson, 26, the No. 3 pick in the 2012 draft, has been on four teams in the past four seasons and has not played in the league since 2014. His career average is 3.3 yards per carry.
Despite bouncing around from Cleveland to Indianapolis to Oakland, Richardson was confident in his chance to get his career back on track. In June, Richardson said his story would end by "putting on a yellow jacket," referring to the Pro Football Hall of Fame.
Still, Richardson lasted only three months with the Ravens because of the same conditioning and injury issues that have marred his career. A hamstring injury sidelined him for the first week of offseason workouts, and a knee scope caused him to start training camp on the physically unable to perform list.
The Ravens filled Richardson's spot by signing wide receiver Chuck Jacobs.