Hill, 25, is a former second-round pick of the Jets back in 2012. He spent just two years with the team before he was placed waivers at the start of the 2014 season.
The Panthers later signed Hill to their practice squad and eventually gave him a future/reserve contract. However, he was waived with the injury designation at the start of the 2015 season and later reverted to the injured reserve list.
Carolina brought Hill back on a one-year contract back in March only to cut him loose during the final week of the preseason.
In 2013, Hill appeared in 12 games and caught 24 passes for 342 yards receiving and a touchdown.