He will end up collecting $5 million in guarantees for his seven games in Houston.
In the competitive disadvantage stage of his career, Reed is no sure bet to be claimed this week. In fact, it's quite possible that he's played his last NFL game.
If Reed does manage to latch on with a playoff contender, though, here is a list of potential landing spots:
2. New York Jets: Rex Ryan has a soft spot for his former Ravens stars, as evidenced by his reluctance to part with a declining Bart Scott. The Jets like starter Antonio Allen, but he's been a liability in coverage at times.
3. Indianapolis Colts: Reed has referred to Colts coach Chuck Pagano, who recruited him to the University of Miami, as a father figure. With LaRon Landry and Antoine Bethea locked in as starters, there's no obvious role for Reed in Indy's secondary.
4. New Orleans Saints: Rookie Kenny Vaccaro is dealing with a concussion, so there's no long-term need at safety. Reed does have roots in Louisiana, however, and the team showed cursory interest in the offseason.
5. Dallas Cowboys: Jeff Heath has been an abject disaster as a fill-in for injured rookie J.J. Wilcox the past two weeks. Reed would be a temporary Band-Aid, but how would he take his second demotion of the season once Wilcox is healthy again?6. Baltimore Ravens: John Harbaugh and Ozzie Newsome have moved on, drafting Matt Elam as Reed's replacement. ProFootballTalk confirms the Ravens will not claim Reed on waivers.