Higgins, 22, is a former fifth-round pick out of Colorado State by the Browns in the 2016 NFL Draft. He was entering the second year of a $2.584 million rookie contract and was set to earn a base salary of $540,000 this season.
In 2016, Higgins appeared in all 16 games for the Browns and recorded six receptions for 77 yards receiving and no touchdowns.
Holmes, 23, is a former sixth-round pick out of Montana by the Jaguars in the 2016 NFL Draft. He signed a four-year rookie contract with the team, but was waived as the team trimmed down to the 53-man limit.
The Browns claimed him shortly after he was waived.
In 2016, Holmes appeared in 11 games for the Browns and recorded six total tackles and one sack.