We have plenty of cap-space to go out there and retain the younger, better version of him. He's redundant here.
If we pursue a WR in free agency, it need to be a guy that can complement Bowe; a faster WR that can keep safeties honest and work in zones that Bowe won't occupy. It doesn't necessarily have to be a true 'deep' WR, but at least someone that presents a credible threat 25 yards downfield, opening up some zones for Bowe and allowing him more YAC opportunities.
Greg Jennings and Jeremy Maclin are both good targets there. There will be others as well, but those are just the names off the top of my head. Someone like Santana Moss would be a nice fit if you're looking to do it cheaply or a draft pick like Titus Young (but probably not Young himself as he appears to have lost his damn mind).
If you can't draw a crowd, draw dicks on the wall.