NFL teams have until Saturday to cut their rosters to 53, and Banks was among 11 players let go by the Falcons on Friday.
It's still possible that the linebacker could land on the club's practice squad. FoxSports reported that Falcons owner Arthur Blank was so impressed with Banks that he's trying to find him a career opportunity in Atlanta around the team.
"I've been fully consumed in making this team, trying to catch up on all these years I missed in football," Banks told the Atlanta Journal-Constitution after Thursday's preseason game against Jacksonville. "My learning curve was definitely different from a lot of guys here. I was learning a lot of one-on-on basic things in football, as well as the intermediate things in football and meshing it all together at once over a small period of time. It was definitely challenging but overall I enjoyed myself immensely."
Banks, 27, signed with the Falcons in April.
Banks was falsely accused of rape when he was a high school star, ruining his chances to play for the University of Southern California. He went to prison for five years, then was placed on probation for five years after his 2007 release. He was finally exonerated in May 2012 after his accuser contacted him on Facebook and recanted her story.
The Falcons were the first NFL team to sign Banks, but he had had chances with other teams. He took part in the Seattle Seahawks' minicamp in June 2012 following workouts with Kansas City and San Diego. He had one tackle in two games with Las Vegas Locomotives of the United Football League (UFL).