2:12pm: The Browns have confirmed the move.
2:07pm: The Browns will release Dwayne Bowe today, according to Mary Kay Cabot of The Plain Dealer. Linebacker Karlos Dansby, who has already been released by Cleveland, relayed the news of Bowe’s pending cut to Cabot. 
Bowe was set to earn a $6.15MM salary for the 2016 season. Of that sum, $2.85MM was guaranteed, plus $1.75MM in prorated bonus money. Ultimately, the Browns have reduced that cap hit from $8MM to $4.6MM.
In March of 2015, the Browns signed Bowe to a two-year deal worth $9MM guaranteed. Unfortunately, it didn’t take long for the Browns to regret that deal. In September of last year, word leaked out that the Browns had the veteran on the roster bubble.
Bowe was part of the underachieving and record-setting group of Chiefs wide receivers that managed to go the entire 2014 season without catching a single touchdown pass. It was the third straight mediocre season for Bowe, who has averaged approximately 59 receptions and 743 yards per year since 2012, on the heels of back-to-back 1,100-yard seasons in 2010 and 2011. Despite all the warning signs, the Browns went ahead and signed Bowe to a lucrative deal last offseason. In 2015, Bowe saw time in only 7 games, catching 5 passes for 53 yards.
Photo courtesy of USA Today Sports Images.
Bowe had quietly experienced an extreme decline once signing that extension in Kansas City in 2013. The Browns unfortunately received the full manifestation of this decline. If this is it for Bowe, he did very well earnings-wise and found himself in the perfect spot on a perpetually needy receiving corps en route to the Chiefs paying Bowe like a No. 1 target when he barely crossed that threshold in his prime. Of course, Bowe’s career also didn’t include much help at quarterback, with Matt Cassel being his primary distributor. All things considered, he made out OK.