Landry, who signed with the Jaguars in 2011 after spending his first five seasons with the Baltimore Ravens, was expected to make $5.35 million for the upcoming campaign.
Landry, 30, played in 32 games in his two seasons in Jacksonville, registering 197 tackles and three interceptions. He has 559 tackles and 12 interceptions in 98 career games.
Ross, who played his first five seasons with the Giants, spent just one season with the Jaguars after signing a three-year deal worth up to $15.3 million. He started nine of 14 games in his lone Jacksonville season, finishing with 65 tackles and 12 passes defensed.
The moves are the latest in the team's youth movement under new general manager Dave Caldwell and head coach Gus Bradley. The team previously released right tackle Guy Whimper and told veteran cornerback Rashean Mathis he would not be re-signed.
Information from The Associated Press was used in this report.