The Colts signed Ballentine in March but released him Friday when they signed cornerback Chris Lammons.
Ballentine, 29, played 15 games last season while contributing primarily on special teams. He started six games in 2023 and had 43 tackles and seven passes defensed, both career highs.
He also has played for the New York Giants (2019-20), New York Jets (2020) and Detroit Lions (2021).
Junior, 26, played with the Jacksonville Jaguars for one game in 2022 and nine in 2023.