Update. I've seen reports that the Dolphins front office may not be so quick to cut him loose. The reason being, both Cam Wake and Olivier Vernon will be UFA's next year. By giving Jordan one last shot to get it right, he could be a fallback option to take one of their spots should the Dolphins fail to make a deal with them both.
They aren't cutting Jordan for cap purposes, but he won't be back next year on the field. He can't be trusted at all. He had one last shot already....he F'd it up
Wake's cap number is very high next year and he is getting old. Would be 34 by 2016 season, Wake is most likely gonna be cut after this season. His agent already told Miami he won't take a pay cut and give them a hometown discount.
So, with Wake gone they can then probably re-sign Vernon most likely unless someone breaks the bank for him which is possible if he has a big year this year.