Not surprised by this one bit. First, they don't have any solid receivers under contract assuming they cut Landry as of today. Second, whether you cut him on June 1 or in next year's offseason, you are still eating $7.5MM in 2023. So, why not just keep him and try to get some performance out of him? And also, in a post June cut, yes you save $9.5MM in 2022 (and still eating $7.5MM next year), but by June, I'm assuming you've spent the majority of your cap money in the FA and draft. I guess there is always the possibility of signing a vet cut in training camp or trading for one just before the season but do you really need that lump sum then?
The contract sucks for a player who has wildly underperformed so far. I think a restructure is still on the table.