Carr signed a 2-year, $5 million deal Wednesday, while cutting Rolle saves the team $4.1 million under the salary cap.
Carr is expected to back up Fabian Washington and Domonique Foxworth and return kicks. The four-year veteran played for the Oakland Raiders from 2005 to '07 and the Tennessee Titans last year.
Rolle has spent the past four seasons with the Ravens, playing 48 games. He was diagnosed with epilepsy in 2007 but returned to play in six games that season.
Ravens general manager Ozzie Newsome says he expects other teams to be interested in Rolle, but he hasn't ruled out bringing him back to Baltimore.
To replace Carr in Nashville, the Titans agreed to terms with Carolina free-agent receiver Mark Jones on Tuesday. Titans coach Jeff Fisher will look to Jones to field punts and kicks for Tennessee, which got consistent production out of Carr in the jobs in 2008 after signing him away from Oakland as a restricted free agent.
Carr was viewed as bonus depth at cornerback, and wound up filling in a few times and playing well. Jones will likely be looked at in the same way with the Titans, a team that is looking to restock at wide receiver. Brandon Jones signed in San Francisco, and the Titans have no outward interest in bringing Justin McCareins back.
Currently Justin Gage and newcomer Nate Washington are the team's only experienced receivers. Second-year man Lavelle Hawkins is expected to make a jump and the Titans could chase Torry Holt.
The Titans remain thin at corner, after losing Carr and watching Green Bay match the offer sheet Jarrett Bush signed with Tennessee.
Information from The Associated Press and ESPN.com's Paul Kuharsky was used in this report.