Brandon Lloyd: What are the options?

What will the Redskins do about Brandon Lloyd? The Redskins gave up two mid-round draft picks and $10 million guaranteed to get Lloyd from the 49ers prior to the 2006 season. All they have received in return is 25 catches for 379 yards and zero TD's and an attitude that has ranged from lackadaisical to nonchalant. What should the Redskins do with him? Here are the options and the ramifications of each (all salary cap data courtesy of PC's Redskins Salary Cap site):

1. Cut him now—Lloyd is scheduled to count $4.2 million against the cap in 2008. If the Redskins were to do a straight cut right now there would be an acceleration of $7.1 million in signing and option bonuses already paid. That nets out to a net charge of $2.9 million against the cap (negative savings, if you will). This would be a way to start clean under the new coaching staff, get him off the books, and not leave a lingering cap hit.
   
2. Cut him now designated as a June 1 waiver—This is something that's around now for the second year. A team can cut a player at the start of free agency but have the cap hit come as though the move took place after June 1. This would push most of Lloyd's dead cap into 2009. The Redskins would save $2.4 million of cap money this year (although it will stay on the books until 6/1) and they would have a dead cap charge of $5.3 million in 2009.
   
3. Cut him after June 1—The early June 1 cut is advantageous primarily to the player as it gives him a chance to find a job when the market is still lively. While it's highly unlikely that a team would give up a player or a pick for Lloyd, it might be worth keeping him around on the slim chance that someone might do it.
   
4. Give him a shot at earning a roster spot—If the Redskins go with options 2 or 3, they still will be hamstrung in free agency as that $2.4 million in savings won't be available to them until after June 1. As long as that's the case, why not see if he can be productive with a fresh start, a new offense under a new coaching staff? In the event he makes it, it's a plus for Zorn and the team gets some return on its investment of cash and picks. If he doesn't (the more likely outcome), they can cut him in camp and put the $2.4 million in savings towards extending Jason Campbell or filling a need arising due to injury.
   

If it was up to me, I'd go with either 1 or 4. Either get rid of him, take your lumps, and move on or give him a shot at doing something. Of course, if it was up to me I would have done a simple Google search prior to making the deal and find out enough that would keep me from doing it, but that's beside the point.