UPDATE III: ESPN.com has picked up the story.
UPDATE II: Hobson writes that the Bengals will save $3 million against the cap, and presents the possibility that the Bengals could re-sign him at a lower rate. Though we don't think that's likely, otherwise the team and Rud's agent could have come to terms on a paycut, or a plan to get Rudi back with the Bengals after the biggest annual American business layoff day.
UPDATE: Since we have no reason to believe that Rudi's agent would lie about his client being cut, I wanted to direct you to a previous post. We did a quick run down of what Rudi Johnson's Cincinnati career earlier in the week.
ORIGINAL (2 p.m.): Rudi Johnson's Denver-based agent, Peter Schaffer, told Bengals.com writer, Geoff Hobson that his client had been cut. The Bengals will announce their cuts at a 3 p.m. press conference today.