The Kansas City Chiefs officially announced the signing of WR Jeremy Maclin on Wednesday.
Bowe received a one-game suspension at the start of last year, which will allow the Chiefs to get out of some of the guarantees included in his contract.
Bowe, 30, had another three years remaining on his five-year, $56 million contract that included $26 million guaranteed. He had base salaries of $10.75 million (2015) and $9.75 million (2016-2017) coming his way over the remainder of the agreement.
According to OverTheCap.com, releasing Bowe would free up $5 million in cap space for the Chiefs while creating $9 million in dead money. If they were to designate him as a post-June 1 release, those numbers would improve to $11 million cap savings and $3 million in dead money.
In 2014, Bowe appeared in 15 games for the Chiefs and caught 60 passes for 754 yards receiving and no touchdowns.