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The Giants waived Toivonen on Monday, Dan Salomone of the Giants' official site reprots.
Toivonen signed a futures deal with the Giants in January after joining the team's practice squad in early December. He was let go in July to make room for a wave of new additions but was brought back Friday to serve as depth during New York's preseason finale. He played 19 offensive snaps and caught both of his targets for 29 yards during the exhibition game, but he's yet to make his regular-season NFL debut.
