What does releasing Chris Henry mean to the Bengals?

Now that Chris Henry's career -- and hopefully his residency -- in Cincinnati is terminated, let's examine some the aftershock.

What does this mean financially?
According to go-Bengals salary chart, Chris Henry's base salary was $460,000 -- I believe for 2008. Henry's cap value was a mediocre $638,500. If cut, the Bengals would save $292,500. In the long run, the move didn't shift much of the team's finances.

What about the depth at wide receiver?
This is quickly becoming a major concern. Yes, major. Now that Henry is cut, the Bengals depth chart looks like this:

1. Chad Johnson
2. T.J. Houshmandzadeh
3. Antonio Chatman
4. Glenn Holt
5. Marcus Maxwell

With Henry cut, the thinking will now be that the team can't afford to trade Chad Johnson because we're lacking talent. If you honestly believe that Chad Johnson can put aside his beef, become professional and leave the distractions at the front door when the season kicks off, well, then you're a more optimistic person than I am. I just don't see Chad fitting in this lockerroom and suspending his "trade me" campaign.

Also, take into account that Houshmandzadeh is playing the final year of his contract. There's a realistic scenario, by this time next year, that the Bengals could lose their top three receivers with one already in shackles.

I would say that the Bengals drafting a wide receiver or two later this month is a safe Vegas bet.

What's the perception about the Bengals now?
The jokes are written and as a fan, it's been tiring with the relentless giggling that the Bengals were the poster-children for the Longest Yard. The team cutting their #3 receiver who was the likely receiver -- existing on the team -- that could replace the vertical talents of Chad Johnson, is gone. With the team built around offense, cutting a talented wide receiver that stood 6'4" is huge.

Will the perception about the Bengals change? Not likely. They are still perceived as cheap that accepts losing. Putting up with a player's bull crap (conduct or jawing in the media)? Well, they finally cut that line today with Henry. Next is Chad Johnson.