The Titans announced the moves Tuesday.
Pollard, Tennessee's leading tackler in 2013, had asked to be released so he can sign with a Super Bowl contender after an Achilles tendon injury ended his season early last year. He was due $3.1 million this season.
The Titans picked up the 6-foot-2, 264-pound Massaquoi off waivers. Massaquoi has played in 39 games in three seasons with Atlanta, and a fifth-round draft pick out of Troy has six sacks and 11 tackles for loss in his career.