Toon (ankle) was signed to the Rams' practice squad Tuesday, ESPN.com's Nick Wagoner reports.

EDGE Analysis

Toon was a fourth-round draft pick in 2012, but it isn't a good sign for his future that he was released by a receiver-needy Saints team before the season. He's probably still recovering from an ankle injury and is unlikely to make an impact this season.

Toon and the Saints have reached an injury settlement, Evan Woodbery of the New Orleans Times-Picayune reports.

EDGE Analysis

Toon will be waived off injured reserve, allowing him to sign with another team. He's recovering from a high-ankle sprain but expects to be ready to play within the next few weeks. As a former fourth-round draft pick (2012), he could draw some interest around the league, despite failing to earn a role on a team with very shaky wideout depth.

Toon cleared waivers Wednesday and was placed on injured reserve, Evan Woodbery of the New Orleans Times-Picayune reports.

EDGE Analysis

Toon was surprisingly released in advance of Tuesday's cut-down date, but his high ankle sprain was severe enough to shut him down for the season. While the team oversees his recovery, the Saints will turn to Brandon Coleman and Willie Snead as periphery passing options for Drew Brees.

Toon (ankle) has been released by the Saints, Kristian Garic of WWL 870 AM reports.

EDGE Analysis

Toon was the offseason favorite to win the No. 3 wide receiver job, but he's since been passed in the pecking order by Brandon Coleman, Willie Snead, Seantavius Jones and Josh Morgan. The new favorite for the job is Coleman, a 6-6 second-year former UDFA out of Rutgers. Given that he's dealing with a high-ankle sprain, Toon may be waived/injured, in which case the Saints would have the option of placing him on injured reserve, if he isn't claimed by another team. The wording of the report suggests that the Saints just plan to move on.

Toon, who spent his first three years at the X receiver spot, has moved to the Z receiver position in the Saints' base offense, reports The New Orleans Advocate. In the final six weeks of the 2014 season, Toon caught 17 passes for 215 yards and a touchdown, prompting optimism that he could develop into a regular this season. "Certainly we've seen [Toon's] progression," said head coach Sean Payton. "He understands the system and he's working hard. I think the key is just getting snaps, but I think we'll see his snaps go way up." Toon's ability to line up in multiple receiver positions, along with being an above-average run blocker, could give him an additional leg up in the competition for the Saints' No. 3 receiver gig.

Toon is the front-runner for the no. 3 receiver job, according to Mike Triplett of ESPN.com. Young receivers Brandon Coleman and Seantavius Jones have impressed during OTAs, but neither has seen a snap in a regular season affair. As such, Toon - who had a strong finish to the 2014 season - remains the most likely option to fill the void as the Saints' third wideout. If he can hang onto the gig, Toon could be a nice sleeper option in deeper leagues, as there's going to be additional targets to go around without Jimmy Graham or Kenny Stills on roster.

Despite trading away both Jimmy Graham and Kenny Stills this offseason, the Saints did not take a wide receiver in the 2015 NFL Draft. Toon appears to be penciled in as the Saints' third receiver, behind starters Marques Colston and Brandin Cooks, reports ESPN.com. When asked about not taking a receiver with any of the team's nine draft picks, head coach Sean Payton singled out Toon. "We think Nick Toon's developing. A lot of the snaps last year toward the end of the year we started seeing him make some plays. He's a tremendous worker who's got size," Payton said of the 6-4, 218-pounder, who didn't catch a pass until Week 12 but finished with 17 catches for 215 yards and a touchdown over the final six games. Toon likely has the early leg up in the competition for depth-chart position but will continue to battle for snaps with a pair of undrafted rookie free agents from last season, Brandon Coleman and Seantavius Jones, and troubled speedster Joe Morgan.

With Kenny Stills being traded to the Dolphins, Toon now sits third on the Saints' wide receiver depth chart. Toon finished the 2015 season with 17 receptions for 215 yards and a touchdown - all of which came over the final six games of the season. While he's currently third on the depth chart, the Saints often deploy three-receiver sets, with Brandin Cooks most likely to operate as the slot receiver. Slated to play opposite a possession-minded receiver in Marques Colston, Toon isn't the prototypical deep threat the Saints have consistently played in that role in years past. Yet, both Toon and Colston managed to co-exist just fine the second half of the season, with Toon flashing enough skills to plant him on the fantasy radar in 2015 in deeper leagues, if he's able to hold onto his spot on the depth chart.

Toon caught one pass on two targets for 24 yards in the season-ending win against Tampa Bay. In his third year in the league, Toon finally flashed some of the potential that led to the Saints drafting him in the third round of the NFL Draft in 2012. He finished the year with 17 receptions for 215 yards and a touchdown - all of which came over the final six games of the season. The Saints' depth chart at wide receiver will likely be a crowded one in 2015, particularly if Marques Colston returns, but Toon should have the opportunity to compete for substantial playing time given his strong finish to 2014.

Toon caught three passes on six targets for 44 yards in Sunday's loss to the Falcons, which eliminated the Saints from playoff contention. Toon has made some noise down the stretch, logging at least 42 receiving yards in four of his last five contests - a time frame which not-so-coincidentally aligned with Brandin Cooks' season-ending injury. It feels like the third-round pick out of the University of Wisconsin has been around forever, but it's really only his second full season, after he missed all of his rookie campaign with a foot injury. With Marques Colston aging, Toon is an interesting option in dynasty leagues, as he finally appears to be coming into his own and possesses the size to be a potential red zone threat.