Morrison, a fourth-round draft pick by the Colts in 2016, started 15 games for the Colts last season and made 108 tackles.
The Colts switched to a 4-3 defense this season with new coordinator Matt Eberflus, leaving Morrison stuck in a reserve SAM linebacker role.
Pipkin, 24, was an undrafted free agent out of Oklahoma State when he joined the Packers in May 2017. He played in 12 games as a rookie, making one start.
(Field Level Media)