Cut vs. Released

No. Cut and released are the same thing. However, when a player is waived, it's different than being cut/released. When a player is released, he is a free agent and available for immediate signing by another club. When a player is waived, he must clear the waiver wire before coming a free agent.

As far as who gets waived and who gets released, a player with 4 years of NFL experience or less has to clear through waivers once his contract is terminated. The only time a veteran has to clear waivers is if his contract is terminated in between the trade deadline and the end of the season.