Forsett is a nine-year pro out of Cal. He rushed for 641 yards for Baltimore last season with a pair of touchdowns.
Former draft pick Arthur Brown, a linebacker, was waived as was former Navy quarterback Keenan Reynolds, who is trying to make it in the NFL as a wide receiver.
Veteran guard Vladimir Ducasse and quarterback Josh Johnson had their contracts terminated.
Baltimore waived linebacker Brennan Beyer, safety Terrence Brooks, tight end Daniel Brown, wide receiver Jeremy Butler, tackle Blaine Clausell, running back Stephen Houston, defensive end Kapron Lewis-Moore, linebacker Victor Ochi, linebacker Patrick Onwuasor, center Matt Skura and cornerback Julian Wilson.
The Ravens also waived injured cornerback Carrington Byndom.
Wide receivers Michael Campanaro and Chris Matthews, and guard/tackle De'Ondre Wesley were placed on injured reserve.