This would not be a surprise. The Cowboys have legitimate salary-cap issues and Austin's recent production is not commensurate with the $5.5 million he's due to earn in 2014. According to NFL Media Insider Ian Rapoport, designating Austin a post-June 1 cut would make the most sense. Cutting the receiver before then would save just $400,000.
Austin is coming off a season in which he finished with just 24 catches for 244 receiving yards and zero touchdowns. He missed five games with hamstring issues and lacked his former explosion when he returned to the lineup. He had two receptions or fewer in each of Dallas' final six games.
Austin had been eclipsed by Terrance Williams by the end of last season, and Williams likely will be lining up across from Dez Bryant in September. The Cowboys won't have the cap flexibility to import another high-profile pass-catcher, but they could sign a lower-tier free agent or target the position at the draft.