Mount, 23, is a former sixth-round pick by the Titans of the 2015 NFL draft. He was in the final year of his four-year, $2.428 million rookie contract and set to make a base salary of $525,000 when the Titans cut him loose a few weeks ago.
The Colts signed Mount to their practice squad a few weeks into the regular season.
In 2015, Mount appeared in four games for the Titans and recorded an interception and a pass defense before being placed on season-ending injured reserve.
Edwards, 26, is a former fifth-round pick of the Titans back in 2013. He was traded to the Cowboys a year later and would go on to spend just over a year in Dallas.
Since then, Edwards bounced around a bit, playing for the Raiders, Bears, Cowboys and Bills before he was claimed off of waivers by the Panthers at the start of the season. The Panthers elected to cut Edwards loose back in October and he was later claimed off of waivers by the Colts.
In 2016, Edwards has appeared in 10 games and recorded 11 tackles, two sacks, and a pass defense.