The move will save the team $7 million against the salary cap.
The Jaguars signed Hurns as an undrafted free agent in 2014, and he caught 115 passes in his first two seasons. He caught 64 passes for 1,031 yards and 10 touchdowns in 2015, making him one of only four receives in franchise history to surpass 1,000 yards in a season.
Hurns was signed to a four-year, $40.05 million extension in 2016 that included $20 million guaranteed. Since signing that deal, however, he has missed 11 games because of injury and caught 74 passes for 961 yards and five touchdowns.
He had missed only one game because of injury in his first two seasons.
Jacksonville had already lost receiver Allen Robinson, who signed with the Bears after the Jaguars refused to use a franchise tag on him.
Cole, an undrafted free agent from Kentucky Wesleyan, caught 42 passes for 748 yards and three touchdowns. The Jaguars drafted Westbrook in the fourth round out of Oklahoma and he caught 27 passes for 339 yards and one touchdown after missing the first nine games of the season while recovering from sports hernia surgery.
Lee, who was the team’s top receiver last season with 56 catches for 702 yards and three touchdowns, was given a four-year deal worth up to $38 million max and includes $16.5 million guaranteed. Moncrief’s one-year deal is worth up to $9.6 million.