Hyde could be a complement to Chiefs running back Damien Williams.
Jacksonville cut Hyde to save $4.7 million after initially trying to trade him. He was due to have $2 million of his $3.25 million base salary guaranteed, as well as receive a $1 million roster bonus if he was still with the Jaguars on March 15.
The Jaguars sent a fifth-round draft pick to the Browns on Oct. 20 in exchange for Hyde because they needed help at running back, with Leonard Fournette nursing a hamstring injury that would eventually keep him out for six games.
Hyde ran for 189 yards on 58 carries in eight games with the Jaguars.