The league's final cuts always include a few well-known players, and Taylor, who has played in the league since 2002 and once rushed for more than 1,200 yards, was among the biggest.
"These days always carry mixed emotions and we had a lot of tough decisions to make because of the competition we witnessed during the preseason," Colts head coach Jim Caldwell said.
Taylor signed with the Bears prior to last season as a backup to Matt Forte and rushed 112 times for 267 yards and three touchdowns while playing in all 16 games. He also backed up Adrian Peterson in Minnesota and has rushed for 4,663 yards and 25 touchdowns in nine seasons.
Clark was cut by the Bears just over a month after they agreed to a one-year deal with the veteran tight end. He played the last eight seasons in Chicago, but only appeared in 16 total games the past two years.
Johnson signed with Miami in late August to give the team another rushing option. He was a Pro Bowl selection for the Chiefs in 2005 and '06, when he eclipsed 1,700 yards rushing each year.
But his production has dropped off in recent seasons, and the 31-year-old played in just two games for the Redskins last year.
The veteran Allen started 72 games for the Giants from 2001-05 and 53 games for the Dolphins from 2006-09. But he missed the latter part of '09 and all of 2010 because of injury.
A few quarterbacks were cut Saturday as teams made depth chart decisions.
The Redskins waived quarterback Kellen Clemens, who signed with the team on July 29. He spent the last five years with the Jets, primarily as a backup, and threw for 1,686 yards and five touchdowns against 11 interceptions in 25 games.
The Raiders cut quarterback Trent Edwards with starter Jason Campbell and Kyle Boller on the roster. Oakland also has former Ohio State quarterback Terrelle Pryor, who was placed on the reserve/suspended list and will be forced to sit the first five games of the regular season because of the scandal at Ohio State that forced head coach Jim Tressel to resign.
Cincinnati Bengals offensive lineman Bobbie Williams, an 11-year veteran, was handed a four-game suspension by the NFL for violating the league's policy on performance enhancing substances. Titans fullback Ahmard Hall was also suspended four games for a violation of the policy.