Since it's unlikely that any team will claim him and be forced to pay his high salary, expect him to reach UFA status.
There are a number of teams who need a pass-rusher of Babin's caliber. As ESPN Stats and Info points out, he has been a top defensive player over the past few years.
Over the last three seasons (2010-12), the only players with more sacks than Jason Babin's 36? DeMarcus Ware (45.0) and Jared Allen (40.0)— ESPN Stats & Info (@ESPNStatsInfo) November 27, 2012
Let's take a look at three NFL teams who should be interested in signing him.
New England Patriots
The Patriots should definitely consider bolstering their pass rush by signing Babin for this season. After losing defensive end Jermaine Cunningham to a four-game suspension (h/t ESPN), New England needs more depth on its defensive line.
Head coach Bill Belichick has a great defensive tackle in Vince Wilfork, as well as several quality linebackers, but his defense has lacked a solid pass-rushing defensive end since former All-Pro Richard Seymour was traded to the Oakland Raiders in 2009.
The Patriots rank 21st in the NFL in sacks, and are 29th against the pass. With the team's secondary continuing to struggle—although there's been some improvement in recent weeks—a better pass rush would be the most effective way to improve the defense.
Signing Babin would help the Patriots pass rush and give the defensive line some much needed depth. It would be surprising if New England didn't sign Babin.
The Ravens defense has not played at the high level we are used to seeing from this group, but with star defensive end Terrell Suggs back from an Achilles injury, adding another pass-rusher such as Babin would be quite beneficial.
Baltimore ranks 23rd against the pass this season, and for them to have any success in the playoffs versus teams like the Denver Broncos, Houston Texans and Patriots, they must defend the pass better.
The team's schedule is not very easy to end the season. The Ravens' remaining opponents include several teams fighting for a playoff spot, such as the New York Giants, Cincinnati Bengals, Pittsburgh Steelers and Broncos.
For Baltimore to earn the No. 2 seed in the AFC playoffs and an important bye week for players to get healthier, they should sign Babin and improve the team's pass rush.
Green Bay Packers
The Packers will go as far as their defense will take them this season. Injuries have hurt the team's depth at several positions on defense. The most notable player battling an injury is star linebacker Clay Matthews, who missed Sunday night's game against the Giants.
Green Bay ranks third in the NFL in sacks, but Matthews' nine sacks is a major reason for that, and no one else on the team has more than three this season.
If he continues to be bothered by his injury, the Packers won't be able to put much pressure on opposing quarterbacks.
If the Packers are going to beat top-tier quarterbacks in the NFC playoffs, such as Jay Cutler, Matt Ryan, Drew Brees and Eli Manning, they need a better pass rush. Babin would be a good fit in Green Bay.