Victor Cruz and Rashad Jennings were released by the New York Giants on Monday in a move that sees the team save almost $10m against the salary cap.
Wide receiver Cruz grew up in Paterson, New Jersey, near the Giants' practice facility and spent seven seasons with the franchise after joining as an undrafted free agent.
The 30-year-old fan favourite - best remembered for scoring a touchdown in the Giants' Super Bowl XLVI triumph over the New England Patriots - has been plagued by injuries in recent years, forcing him to miss 28 games in the last two seasons.
"I pretty much grew up in front of the eyes of this entire organisation," Cruz said in a statement released by the team.
"The Giants fan base, the community, my hometown, my family. I grew up there. It's very much a family atmosphere and it's very much like leaving your family. That's what it feels like. I did some great things there."
Running back Jennings leaves New York after three seasons with the Giants. The former Jacksonville Jaguar and Oakland Raider ran for just 593 yards at 3.3 yards per carry last year.
"Rashad is a pro's pro, on and off the field," Giants general manager Jerry Reese said in a statement.
"He came to work every day and did everything we asked him to do, and always worked extra to get better at his craft."
