Cutting him, while expensive, is not a detriment to the team.
"Dead money" has a bad connotation....if you have dead money from a talented, good locker room guy that you were forced to cut due to salary cap problems that would be bad.
But if you realize a big mistake was made with a players contract, IMO, id rather get a clean slate, give his reps to a younger, hungrier, non-malcontent player and save money later.
The thing that has become most prevalent in the NFL the last few years is that there is such a level playing field with the cap and preparedness of players coming into the league, that its honestly better to have younger "less reknowned" players who are giving 110% every week, then seemingly more talented guys like holmes who dont give it all on the field and wreck the locker room.
We have a lot of holes to fill, and adding another one at WR, isnt a great proposition, but holmes is a long shot to contribute anything worthwhile to this organization.