Carr signed a 2-year, $5 million deal Wednesday, while cutting Rolle saves the team $4.1 million under the salary cap.
Carr is expected to back up Fabian Washington and Domonique Foxworth and return kicks. The four-year veteran played for the Oakland Raiders from 2005-07 and the Tennessee Titans last year.
Rolle has spent the past four seasons with the Ravens, playing 48 games. He was diagnosed with epilepsy in 2007 but returned to play in six games that season.
Ravens general manager Ozzie Newsome says he expects other teams to be interested in Rolle, but he hasn't ruled out bringing him back to Baltimore.
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