Hill was among the Jets' final cuts Saturday as teams got down to the mandatory 53-player limit.
Also among those let go were: running backs Daryl Richardson and Alex Green, linebacker A.J. Edds, quarterback Tajh Boyd, cornerback Johnny Patrick, tight end Chris Pantale and defensive lineman Zach Thompson.
Hill was a raw receiver when he came out of Georgia Tech, which ran a heavy run-first offense, but the Jets were high on his speed and athleticism. They traded up to draft Hill, but he finished with 45 catches for 594 yards and four touchdowns and ended the last two seasons on injured reserve.