Since he becomes a free agent after he undoubtedly passes through waivers, I'd give him a workout to see where he's at. You might as well, since he's been a talented, productive receiver in the past and we have a need at that position. His numbers this year might mean something or they might not.
If he still has it, I'd offer him a lower-end veteran contract and a chance to make the playoffs this year. He's already been paid, so if he doesn't accept that deal you know what kind of player he is anyway. If he doesn't have any juice left, I stick with Tate, Aiken, and Edelman.
If he can still play, he'd be a sick option as our #3. Certainly better than Aiken or Edelman, at least when it comes to stretching the field. I have high hopes for Tate, as he looked surprisingly good for a rookie coming off knee surgery, but he's very inexperienced and there's no guarantee he'll be an impact player this year.