The Falcons waived Ollison on Tuesday, Aaron Wilson of ProFootballNetwork.com reports.
Ollison was always a long shot to make the initial 53-man roster after the team added Damien Williams in free agency, drafted Tyler Allgeier in the third round and converted return specialist Avery Williams to running back. All three of those ball carriers are expected to compete for touches behind Cordarrelle Patterson, who burst onto the scene last year with a strong start to the campaign. Ollison has been with Atlanta's organization since he was drafted in the fifth round of the 2019 Draft, so it's possible the Falcons bring him back on a practice squad deal if he clears waivers.