Forsett mainly saw spot duty in 2013, toting the ball six times for 31 yards and catching 15 passes for 82 yards in nine games.
For his career, Forsett has 1,692 yards and eight touchdowns with four total teams.
With Forsett gone in Jacksonville, the Jaguars still have Denard Robinson, Delone Carter and Jordan Todman on the roster. Longtime starting running back Maurice Jones-Drew will become a free agent Tuesday at 4 p.m.
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Aaron Wilson covers the Ravens for The Baltimore Sun.