That sucks. People complain when players hold out even when they have an active contract, but the flip is that a team will drop you like a bad habit if anything bad happens to you, irregardless of the an active contract (unless they pay him out at time of cutting him?). Dude hurts his knee giving the team his effort and devotion, albeit being paid to do so. Just does not seem right to cut him 2 days later, imo.
Okay, I just read that it is strictly a procedural move. He will be re-signed and then placed on IR, but players with less than 3 years of experience apparently have to be waived before being placed on IR. Seems weird and I have never heard of that before.