Much was made this past offseason about Edwards and how he was poised to really have a breakout kind of season. He continued to draw praise in training camp, and he earned a spot on the 53-man roster as a result. This came after he landed on the practice squad in 2012 (and later the practice squad injured reserve after suffering an injury).
The undrafted free agent out of Houston had plenty of chances to impress his Lions coaches since joining the team last year. This season, Edwards actually made two starts in four games, but he only caught 5 passes for 46 yards. He showed no real ability to become a deep threat for the Lions, and one of his targets this past Sunday led to an interception.
If Edwards clears waivers, the Lions will be able to sign him to their practice squad. Currently, Corey Fuller and Jeremy Ross (who just signed last week) are the two receivers on the practice squad, so it's entirely possible Edwards could be kept around, just not on the 53-man roster.