It's a one-year deal with just 150K guaranteed; they didn't even guarantee him his base salary/roster bonus of about $3M. If they cut him, they are only out 150K in dead cap. The contract is structured for the team to get out easily and with virtually no loss should they cut him. He has a roster bonus of about $1.5M. It's possible the roster bonus has already kicked in (and not updated on Spoctrac), but it may well be a condition that he is on the roster in September.
Demaryius Thomas
In terms of nothing being reported about him looking bad, I'm not saying that has looked bad. I just see a guy about to turn 32, who was already declining, coming off an achilles injury, and the best deal he could get was a 150K guarantee, or basically nothing. It would not surprise me if just doesn't have it anymore. And the Patriots wide receiver situation seems a heck of a lot rosier than it did when they signed him.