The move ends a year to forget for Herndon. The 23-year-old missed the first four games of the 2019 campaign due to a suspension and the following four with a hamstring injury.
He caught one pass for seven yards in a Week 10 win over the New York Giants - his only reception of the season.
The Jets expected Herndon to break out after he recorded 502 yards and four touchdowns during a promising rookie season. Ryan Griffin will continue to start at tight end moving forward.