As a vested veteran after the NFL trade deadline, Smith is subject to waivers.
Two years ago, the Bills signed Smith to a four-year, $15 million contract that was restructured.
Smith had 37 catches for 392 yards and three receiving touchdowns in 30 games for the Bills.
He played in no games this season.
Last year, Smith had 496 yards on 18 kickoff returns, scoring once on an 89-yard return.
In 2010, Smith had 1,432 return yards and two touchdowns for the New York Jets
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This story originally appeared on Nationalfootballpost.com
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