The Falcons punted a couple of players Friday, including their punter.
Allen signed with the Falcons during their bye week and filled in for four games.
Allen was their fourth punter of the season, as they also had Matt Wile and Kasey Redfern fill in for Bosher.
Grace has been with the Falcons parts of the last three seasons, and has also had stints with the Colts, Browns, and Seahawks.
They did not announce any corresponding roster moves.