Banks, 28, was a sought-after recruit who had committed to play college football for the USC Trojans before being accused of rape in 2002. He served five years in prison and spent five years on parole before the woman who claimed to be the victim recanted her story in 2012. Banks was then exonerated.
Banks played two games for the Las Vegas Locomotives of the United Football League in 2012 after a handful of NFL tryouts. He signed with the Falcons in April.
He played in all four of Atlanta's preseason games, totaling four tackles. He had two tackles in Thursday's 20-16 loss to the Jacksonville Jaguars.
According to Glazer, Banks gave an emotional speech in the locker room Thursday about "appreciating every second on the field." Glazer also said Falcons owner Arthur Blank and his partners will try to find a career opportunity for Banks in Atlanta around the team.