Projected third-stringer Brian Hoyer is expected to take over the second-string job.
The moves comes after Hoyer (an undrafted rookie) led the Patriots back from a 21-point deficit in the Pats' most recent preseason game.
I thought Walter had a cemented spot on the roster after the release of former backup Kevin O'Connell. However, coach Bill Belichick must really trust starter Tom Brady's knee and shoulder, as Hoyer is now the only backup.
Walter, 27, was drafted out of Arizona State in the third round (69th overall) by the Raiders. Walter had a moderately successful NCAA career, as he was freshman All-Pac 10 in 2001, honorable mention All-Pac 10 in 2003, and second team All-Pac 10 in 2004.
However, Walter's career numbers are less than mediocre. Walter's career passer rating is 52.6, and he has thrown three career touchdowns compared to 16 career interceptions.
Walter has certainly taken many steps down from his success at ASU. But many teams need a backup quarterback, so Walter might not be on the free agent market long.