Hobson was selected 37th overall out of New Mexico after being named Mountain West Conference Player of the Year as a junior.
But a hip injury kept the 6-foot-7 Hobson out of the Bucks' summer league games. He underwent season-ending surgery on Oct. 12.
In October, the Bucks waived another second-round pick, forward Keith "Tiny" Gallon. Gallon was picked 47th overall.
The Bucks also said Thursday they've signed 12-year veteran center Brian Skinner. The 6-9 Skinner has played in 605 games and has career averages of 4.8 points and 4.7 rebounds. He played in all eight of the Bucks' preseason games before being waived Oct. 25.