Cundiff missed a potential game-tying 32-yard field goal in January during the Ravens' AFC championship game loss to the New England Patriots.
Then, Cundiff lost a competition to undrafted rookie kicker Justin Tucker, who booted a 53-yard field goal during a 48-17 win Thursday night over the Jacksonville Jaguars.
Nevertheless, Cundiff's agent, Paul Sheehy, is anticipating a strong market for his client's services.
"Billy is a true pro's pro," Sheehy told The Sun. "He shouldered the burden of the AFC title game loss without wavering. Billy is 53 of 59 inside the 50-yard line the past two years and 12 of 13 in the playoffs and was in the Pro Bowl two years ago.
"He had the best camp of his career. We can't control what the teams are going to do. That's at their discretion. He's a great kicker. Billy will be fine."
Cundiff's wife, Nicole, reacted gracefully to the news on Twitter: "We will miss the charm city and all the wonderful people, but we are excited about what's to come."
Tucker is expected to talk with reporters Monday at the Ravens' training complex.
His agent, Robert Roche told The Sun: "It is a testament to Justin's hard work and performance that he has earned this position. Our plan was to put him in a position to be successful and coach Rosburg recognized Justin's talent from the outset."
Meanwhile, Ravens coach John Harbaugh weighed in on the decision to release Cundiff and go with a rookie.
"Billy had a great camp, the best he has had with us," Harbaugh said. "He showed, like he always has, a toughness and an ability to come back and be a top-flight NFL kicker. These decisions are never easy, and this one was difficult for all of us, Ozzie [Newsome], [special teams coordinator] Jerry [Rosburg] and me.
"Of course, that says something about Justin, the way he has kicked and our belief in him, but that does not say something less about Billy. Billy was ready in every way to be our kicker. He’ll kick in the NFL. He’s a very good kicker and an even better person.”
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