I may be a little late to the party here, but since next year is, as of right now, an uncapped year, the Cowboys could cut him with no consequences. Excluding the money he made from his signing bonus, of course.
Now, if the league gets a new CBA done, that all changes, depending on its language. Personally, I don't see it happening based on the work, or lack thereof, that has been done so far.
I don't know that I would miss Flo either. While he is certainly a talented player, you can tell that Father time has caught up to him; he no longer has the quick feet to deal with quick outside rushers. I almost wonder if he could slide inside to guard. Furthermore, I've been wondering lately just how much yardage Flo has cost the team in penalties over the years. I'm not going to do the math on it, but if someone wants a challenge, go for it.