Price, a third-year wideout out of Ohio, never really caught on in New England after being a third-round pick in 2010. He played in just three games this season and didn't catch a pass, after playing in just one game — the season finale — in 2010.
The Patriots had increased expectations for Price coming into the 2011 season, despite being a nonfactor in his rookie season.
"He knows the offense better," head coach Bill Belichick said back in August during training camp. "His conditioning, his experience in the system last year. Of course, the offense that we run is quite a bit different than what he ran in college, so there's a lot of learning and technique work there. I think he's definitely way ahead of where he was last year."
Those expectations obviously were not met, and on Saturday, Price was waived. Teams have until Monday to claim the 24-year-old.
The move allowed the Pats to activate McDonald, a 6-foot-4, 316-pound guard, from the practice squad.