Olshansky played the previous two seasons for Dallas after spending the first five years with the Chargers. He was a second-round pick for San Diego in the 2004 draft.
David Buehler was left again as the starting kicker for the Cowboys after the team let go Shayne Graham and Dave Rayner. Graham, who was signed nearly two weeks ago, was a longtime Cincinnati Bengal who spent time last season with the New York Giants and New England Patriots.
Rayner was the kicker in eight games for Detroit last season.
The Cowboys also said farewell to safety Akwasi Owusu-Ansah, who was a fourth- round draft pick last year. He played in seven games during the 2010 season.
Dallas also placed wide receiver Raymond Radway on injured reserve.
Also given their walking papers were linebackers Mike Balogun, Kenwin Cummings, Orie Lemon and Brandon Williams, quarterback Tom Brandstater, cornerbacks Mario Butler, Chris Randle and Josh Thomas, fullbacks Shaun Chapas and Isaiah Greenhouse, Chris Gronkowski, Jason Pociask, wide receivers Manuel Johnson, Lyle Leong, Tysson Poots, Teddy Williams, punter Chris Jones, running back Lonyae Miller, guard Pepa Letuli, safeties Andrew Sendejo and Collin Zych, and finally defensive end Jimmy Saddler-McQueen.