The Cowboys also promoted CB Saivion Smith to their active roster.
Lee, 34, is a former second-round pick of the Cowboys back in 2010. He played out the final year of his seven-year, $42.63 million that included $16.1 million guaranteed.
The Cowboys brought Lee back on a one-year, $4.5 million contract that included $2 million fully guaranteed this past March.
In 2019, Lee appeared in all 16 games for the Cowboys and recorded 86 tackles, one sack, an interception, and four passes defended.
Looney, 30, is a former fourth-round pick of the 49ers back in 2012. He spent three years in San Francisco before he was unfortunately among the team’s final roster cuts at the start of the 2015 season.
Looney spent a year with the Titans before the Cowboys signed him to a two-year contract for the 2016 season. He re-signed to another two-year deal with Dallas in March of 2018 and returned to Dallas on a one-year contract this past March.
In 2020, Looney has appeared in all four games for the Cowboys, making four starts for them at center.