Exclusive rights contracts are one-year contracts worth the minimum salary based on the number of years a player has accrued.
Stephens, 25, originally signed on with the Saints as an undrafted free agent out of Cincinnati back in 2018. He agreed to a three-year, $1.71 million contract, but was waived coming out of the preseason.
Stephens later had brief stints with the Rams and Broncos before the Seahawks signed him to their practice squad last year. The Dolphins later signed him to their active roster only to cut him loose on Monday.
During his four-year college career at Cincinnati, Stephens recorded 140 tackles, six interceptions, a forced fumble, and 20 passes defended over the course of 44 games.