Hankerson, 26, signed a one-year, $1 million contract with the Falcons back in March. He’ll make a base salary of $745,000 this season and test the open market for the second straight offseason.
The Falcons placed him on injured reserve a few weeks ago to make room for WR/KR Devin Hester, who was activated from short-term injured reserve. However, he was released a settlement on Tuesday.
His 2015 season ends with him appearing in eight games and recorded 26 receptions for 327 yards receiving and three touchdowns for the Falcons.
Waddle, 24, is in the final year of his three-year, $1.485 million rookie contract and stands to make a base salary of $585,000 this season before becoming a restricted free agent next year.
In 2015, Waddle has appeared in eight games for the Lions at right tackle.