The Notre Dame alum and professional boxer followed coach Chuck Pagano and teammates Brandon McKinney and Cory Redding from Baltimore to Indy last season. He started 11 games, finishing with 47 tackles, one sack and one interception while returning six kickoffs for 123 yards.
When the Colts signed Pro Bowl safety LaRon Landry to a four-year, $24 million contract late Wednesday night, Zbikowski became expendable.
The move comes after a flurry of free-agent signings. Indy has already signed seven players, five on defense, and also re-signed cornerback Darius Butler who was a free agent, too.