Rice, 24, originally signed with the Ravens as an undrafted free agent out of UNLV back in May of last year. However, he lasted just a month with the team before he was cut loose.
The Redskins later signed him to a contract, but he was placed on waivers shortly after the draft.
Rice Jr. recorded just 19 receptions for 142 yards receiving and no touchdowns during his two years in college. He managed to catch a touchdown for UNLV in the Heart of Dallas Bowl last season.