Butler, 27, signed a future/reserve contract with the Giants back in January, so he was by no means a lock to make the 53-man roster this summer.
The Saints signed Butler to a two-year, $3 million contract that included $1.5 million guaranteed last season. However, he was unfortunately among the Saints’ final roster coming out of the preseason.
The Colts later signed Butler back in early October, but he was once again released to make room for LB Shaun Phillips, who was claimed off of waivers from the Titans.
Butler tore his ACL during offseason workouts in 2013, and subsequently missed the entire season.
In 2014, Butler was limited to appearing in two games and recorded just two tackles for the Colts.