Dallas Cowboys Free Agency Rumors: Miles Austin Likely Released, Terrance Williams Promoted to Starter as Jerry Jones Targets Rookie Receiver in NFL Draft

Feb 10, 2014 03:43 PM EST

The Dallas Cowboys have given Miles Austin all the time they can afford. After a breakout season, the Cowboys gave the wide receiver a nice contract extension in hopes he could be the next franchise star. However, after disappointing seasons riddled with injuries, the Cowboys are ready to release Austin in favor of more salary cap space.

It has been widely speculated for weeks that Austin would be the first cap casualty. ESPN's Todd Archer reports the cowboys will make the move official very soon. Austin signed a massive seven-year, $54.1 million with $18 million in guaranteed cash back in 2010. He had just come off consecutive 1,000-yard receiving seasons and the Dallas deemed him just as important as quarterback Tony Romo.

However, Austin has not looked the same since inking that contract. Over the past three seasons, the wide receiver has recorded 579, 973 and 244 yards respectively. He has missed several games due to hamstring problems, something the really flared up last year and the Cowboys simply cannot afford to keep the wide receiver on.

Dallas is already $24 million over the salary cap. Austin's hit only increases over the next few years. He is a $9.6 million hit in 2014 and then a $12.5 million hit in his final year. The Cowboys can save $8.5 million by cutting him while eating $15 million. Jerry Jones apparently finds eating the cash the best method considering Austin's trade value is very small.

With the release of Austin, will come the promotion of another. The Cowboys are expected to promote Terrance Williams in place of Austin. The receiver had a strong rookie campaign with the Cowboys, putting up 44 catches for 736 yards and five touchdowns. The Cowboys were impressed with his play last year and are ready to move him into the No. 2 role next to Dez Bryant. Tight end Jason Witten certainly agrees.

"I was very critical of him early in camp, just wanted him to understand the level and what we were expecting from him. He's answered the bell. He's fast, he's explosive, strong, smart. He doesn't play like a rookie. He knows he can be a really good player. I my mind, he's played like a starter for a number of weeks now," Witten said, via ESPN.com.

The Cowboys will likely still have to go out and get another receiver. They could look towards the draft in hopes of getting another rookie that turns out like Williams or they could sign a veteran the bare minimum contract. That is all Dallas can afford.

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