The move comes just days after the 24-year-old was suspended for six games for violating the league's policy and program for substances of abuse, as pointed out by ESPN NFL Nation reporter Dan Graziano:
So yeah, my sense was the Giants would take their time and decide on Will Hill, but apparently that's time they already took.— Dan Graziano (@DanGrazianoESPN) June 2, 2014
Hill would have been eligible to return to the Giants' active roster in mid-October following their Week 6 matchup with the Philadelphia Eagles.
The suspension is Hill's third since he entered the league two years ago. He tested positive for Adderall (considered to be a performance-enhancing drug) in 2012 and failed a drug test for marijuana last year.
Signed by the Giants as an undrafted free agent in 2012, Hill emerged as a difference-maker for New York's defense last season, ranking fourth on the team with 77 total tackles, intercepting two passes and being one of only two Giants defenders to score a touchdown.
Did the Giants make the right decision by waiving Will Hill?
He did all of that despite playing in only 12 regular-season games because of suspension.
In May, Hill's former partner in the Giants secondary, Antrel Rolle, was supportive when discussing Hill's situation.
"He's all right. Only that person knows what he has and hasn't done," Rolle told reporters. "And his attitude hasn't changed, his demeanor hasn't changed. The way he's been carrying himself hasn't changed. That is all we have right now."
Despite never losing the confidence of his teammates, Hill is set to enter an uncertain period of his career.
With the NFL and commissioner Roger Goodell cracking down on drug violations and threatening repeat offenders with expulsion from the league, there's no guarantee that Hill will get another shot to live out every football player's dream.
While his talent is undeniable, Hill's repeated mistakes off the field and worrisome reputation are sure to give other teams pause before taking a chance on him. Based on the Giants' decision, it's clear they were no longer willing to give him any more chances.
Follow Bleacher Report Featured Columnist Patrick Clarke on Twitter.