Indianapolis, IN (SportsNetwork.com) - The Indianapolis Colts have released safety LaRon Landry, a move that will save the team more than $2 million in salary cap space for next season.

Landry, who just completed the second season of a four-year, $24 million contract he signed with the Colts in March of 2013, is coming off a 2014 campaign marred by a four-game suspension for violating the NFL's policy on performance-enhancing substances. He temporarily lost his starting job to Sergio Brown after being reinstated in November.

The eight-year veteran appeared in 11 regular-season games with six starts in 2014, recording 46 tackles and 2 1/2 sacks.

Landry earned a trip to the Pro Bowl in 2012 after amassing a career-best 100 tackles and two interceptions with the New York Jets. The 30-year-old spent his first five seasons with the Washington Redskins, who selected him with the sixth overall pick of the 2007 NFL Draft.

The Colts also placed two players on waivers Wednesday, offensive tackle Xavier Nixon and linebacker Andrew Jackson.

Nixon started one game for Indianapolis in each of the last two seasons. Jackson, a sixth-round pick of the Colts in last year's draft, registered 10 tackles in 13 games while being used mainly on special teams as a rookie.