The New York Giants have released Peyton Hillis.

Hillis was signed midway through the 2013 season and had 362 yards at 3.7 yards per carry over the past two seasons.

Releasing Hillis saves New York $945,000 against the cap for 2015.

Tom Coughlin is expected to sign a one-year extension with the New York Giants.

The extension prevents Coughlin from having a lame-duck season.

Coughlin led the Giants to the Super Bowl in 2007 and 2011, but they've struggled in recent seasons.

The New York Giants prefer to keep Jason Pierre-Paul and have placed the non-exclusive franchise tag on him. By doing so, any team that signs Pierre-Paul would have to give up two first round picks.

Pierre-Paul is one of the NFL's better pass rushers when healthy.

“They will negotiate to tag him,” a league source familiar with the Giants’ thinking told The Post.

The Giants would prefer a deal that would pay Pierre-Paul in the $11 million-to-$12 million range instead of a whopping $14.6 million for 2015, considering they are $18 million under the cap.

The Seattle Seahawks are 5-1 favorites to win Super Bowl 50 next season.

Here are the Super Bowl 50 odds for all 32 teams:

Seahawks: 5-1
Patriots: 6-1
Packers: 6-1
Cowboys: 10-1
Colts: 12-1
Broncos: 12-1
49ers: 18-1
Eagles: 20-1
Steelers: 20-1
Lions: 22-1
Bengals: 25-1
Saints: 25-1
Cardinals: 30-1
Chiefs: 30-1
Ravens: 30-1
Chargers: 40-1
Giants: 40-1
Panthers: 40-1
Bears: 50-1
Dolphins: 50-1
Falcons: 50-1
Texans: 50-1
Bills: 60-1
Rams: 60-1
Vikings: 60-1
Browns: 75-1
Jets: 100-1
Raiders: 100-1
Washington: 100-1
Buccaneers: 150-1
Jaguars: 150-1
Titans: 250-1