Details of the restructured deals weren't revealed. The Suh move won't reduce the overall value of his contract but could create an additional $18 million under the cap.
The Dolphins began the weekend slightly over the cap after giving defensive end Olivier Vernon a $12.7 million transition tag, according to NFLPA figures. The team is now under the cap ahead of Wednesday's deadline after the two restructures and the release of Jennings.
Jennings had 19 receptions for 208 yards and one touchdown -- the 64th of his career -- in his only season with Miami last year.
ESPN Dolphins reporter James Walker contributed to this report.