The Buffalo Bills cut two former college star receivers: James Hardy and Chad Jackson. James Hardy was a prospect with a ton of potential with his 6'6 frame but never showed any flashes in Buffalo. Maybe going to a team with a better QB will help.
Chad Jackson the former Patriots WR was a second round pick who many thought was a steal at the time he came out of Florida. I remember many blogs mocking him to the Denver Broncos. He would later play for the Broncos and be cut there as well... UFL is the next stop for Chad unfortunately.
More notable names on the cut list today include TJ Houshmandzadeh, Matt Jones, Pat White, Macho Harris, Bobby Carpenter, and "Regular Speed" Willie Parker.