NY Giants Update: Team Releases LB Mathias Kiwanuka, RB Peyton Hillis

The New York Giants are making several salary-cap moves by releasing some of their veteran players.

The Giants officially released two-time Super Bowl champion linebacker Mathias Kiwanuka, who has been with the team for nine years, on Tuesday. The move was listed as "failed physical." Kiwanuka, who is currently recovering from knee surgery, can sign with any team even before free agency starts next month.

Kiwanuka, 31, was due $4.825 million in salary and bonuses. In his career as a Giant, Kiwanuka recorded 38.5 sacks.

"The thing that has always impressed me about Kiwi is how serious he is about the game," Giants coach Tom Coughlin said in the team's news release. "He was always prepared and always in outstanding condition and played very hard. And he had some nasty in him. I always felt like you could count on certain things from him: eight [or] nine sacks, harass the quarterback, and you could move him around, inside, outside. He is dependable, reliable and there is no question about his professionalism. His character and professionalism and serious approach to the game will be missed."

The Giants announced Wednesday that they have also released running back Peyton Hillis. The 29-year-old veteran played in the first nine games of this past season and amassed 115 yards on 26 carries. He was listed as an injured reserve after sustaining a concussion.

Hillis joined the Giants on Oct. 16, 2013. He has played for the Denver Broncos, Cleveland Browns and Kansas City Chiefs. He has career totals of 696 rushing attempts for 2,832 yards, 23 touchdowns and 134 receptions for 1,050 yards.

The Giants will save $945,000 on this year's salary cap by releasing Hillis.