Seahawks wide receiver T.J. Houshmandzadeh (2009)
Houshmandzadeh was a sneaky successful receiver in the NFL from 2004 through 2009. In each of those seasons, he had at least 904 yards receiving, and in three of those years, he had 7 touchdown catches or more. In Houshmandzadeh's best year of 2007, he had 112 catches for the Cincinnati Bengals and 1,143 yards and 12 touchdown receptions. He made the Pro Bowl that same season, which would be the only Pro Bowl he made during his career.
Houshmandzadeh only spent one season with Seattle after signing with them on a ridiculous five-year, $40 million deal. $15 million was guaranteed. By the time he signed, he was already 31 years old and had spent eight years in the league. For Seattle to sign him to a five-year deal was far too long for a receiver already in his early 30s. But Seattle was still coming down from a great run from the early-2000s to the mid-2000s. The team probably felt it was closer to competing still than it was.
To be fair, Houshmandzadeh was relatively-speaking very good with Seattle in 2009. Was he worth the money he was being paid? No. But then neither were most other Seahawks on the roster. In the one year he played with Seattle, Houshmandzadeh led the team in receiving yards (911) and catches (79). He finished second in total yards.
Just before the 2010 season (Pete Carroll's first year with the team when he was completely remaking the roster), Seattle let Houshmandzadeh go. His contract was simply far too much to pay for a team that needed to be torn down. He played two more years in the NFL but his last years were not very successful.