The Falcons signed Angerer to a contract a little over a month ago, but beat writers didn’t expect him to make the team.
Angerer, 27, was selected by the Colts in the second-round draft of the 2010 NFL Draft. Last year, he totaled 63 tackles, 0.5 sacks and an interception over the course of 11 games.
Pro Football Focus has Angerer rates as the No. 36 inside linebacker in the league last season.
Smallwood, 22, was drafted in the seventh-round this year out of Connecticut. During his three-year college career, Smallwood recorded 332 tackles, 27 tackles for a loss, 8.5 sacks, two interceptions and five forced fumbles.