Michael signed with Indy on June 1. He has played 37 career games with Green Bay, Seattle and Dallas over the past four seasons.
To replace him on the roster, the Colts signed running back Troymaine Pope. The 5-foot-8, 205-pound Pope played four games with the Seattle Seahawks and New York Jets last season, finishing with 12 carries for 44 yards.
Indy also signed receivers Harvey Binford, and Fred Brown and linebacker Jeremiah George.
The Colts open training camp July 29.