Hill joined the Saints as an undrafted free agent out of BYU in 2017. He's filled numerous roles for the team ever since, including quarterback, running back, pass-catcher and special teams ace.
The 30-year-old, who signed a two-year, $21 million contract with the Saints last April, received an opportunity to take more snaps on a regular basis when starter Drew Brees suffered 11 rib fractures and a collapsed lung during a pair of games in November, forcing him to go on injured reserve.
The Saints went 3-1 with Hill as the starter.
Brees figures to take all of the snaps at quarterback now, as the Saints don't have a clear replacement for Hill's offensive packages. Ex-Tampa Bay Buccaneers starting quarterback Jameis Winston should be the clear backup to Brees sans Hill.
Murray, 30, rushed for 146 yards and four touchdowns as Alvin Kamara's backup this season. With Kamara expected to handle the majority of the work out of the backfield regardless, and Ty Montgomery available to take some snaps, New Orleans shouldn't be overly burdened by the loss of Murray.