He was replaced on the roster Tuesday by rookie center-guard Justin Boren, a former Michigan player promoted from the practice squad.
"As long as Billy's healthy, he'll be our kicker," Ravens coach John Harbaugh said Monday. "I think we were really fortunate that Shayne was available, and I think if anything happens in the future and if he's still available, I wouldn't be surprised that if someone had an issue, they would pick Shayne up right away."
Graham has made 18 of 19 field goals as an injury replacement over the past two seasons.
"He did a great job," Harbaugh said. "Why he's not holding on to a job right now, I'm not sure, but we were very fortunate for him to be able to come in and fill that gap for us."
Copyright 2012 by The Associated Press