His best playing days are far behind him. He's had a lot of groin issues that don't appear to ever have fully healed, hence getting cooked last year.
If I'm him, I take a year off to get healthy and try and revive my career next summer - there's always a team that's CB-starved, but I'd want to be 100% healthy to put some amazing film out there again for one more big deal. Come back on a 1-year prove it, then actually prove it, and cash in.
The Browns couldn't have released him if he had a detectable injury, but they likely released him because they expect the chance of injury is high and they would be locked into paying an injured player a large amount of money. In other words, his release may be a risk-vs-reward scenario the Browns were not will to take.
As for what he does now, if he were younger, I think taking a year off would be his best option. However, he's 28, so after a year off he would be 29 and if he played on a one-year contract next year, he would then be looking for a new big contract in two years at age 30. Not saying he couldn't do it, but he would be gambling heavy on himself having a great year next year.
As we all know, NFL careers can be short and disappear without warning. Players are constantly told to get as much money as you can now and worry about next season next season, so I think what he will likely do is find the best deal he can get now with a team willing to overpay him out of desperation for corner help. Now, if no offers or at least offers he wants to accept come in this season, he may very well take a year off and return next season when he would hopefully be more healthy and fully recovered.