A tight end from South Carolina, Cunningham caught four of the seven passes thrown his way in the preseason, including all three in the exhibition finale against Cincinnati.
The departure of Cunningham comes one day after the Colts added rookie tight end Jack Doyle on waivers from Tennessee. The Colts now have three tight ends on the roster: second-year pros Dwayne Allen and Coby Fleener and Doyle, an undrafted free agent from Western Kentucky.
In another roster move, the Colts added rookie running back Kerwynn Williams to their practice squad. The Colts waived Williams, a seventh-round pick like Cunningham, on Sunday.