Knowing the way deals are done in TN, I expect that the Titans will announce Eddie George is not being cut after all. For one, the Titans didn't draft a running back this year and their #2 RB isn't quite ready for prime time. That tells me Eddie is still in their plans.
Eddie probably also knows that even if he does leave the Titans, with his age and declining numbers, he's not likely to get a much better deal than what the Titans are offering now.