Toon is the son of former New York Jets wide receiver Al Toon, who starred for eight seasons in the NFL.
Al Toon was a three-time Pro Bowl selection and earned first-team All-Pro honors in 1986, when he caught 85 passes for 1,176 yards and eight touchdowns.
Nick Toon was the second player drafted by New Orleans, which didn't have a pick in the first two rounds. He led the Badgers last season with 64 receptions for 926 yards and 10 touchdowns.
The Associated Press contributed to this report.