You left out a very important fact: with Jake Cutler at QB.
Even though they were only one game better, it is just not the same. Additionally, if they pay he right off the bat (which they must do to keep him happy) that is going to create problems at WR for this year. Which #1 receiver, Evans, Marshall or Owens are you going to tell to play the slot.
Ignoring his personal problems and lets say the bills do want him, then fine, lets talk taboo here (unless someone mentioned earlier), that is, as part of the package trade Owen's to Denver along with the draft pick and another player.
You void congestion at WR, eject 6.5 million in salary, and have two start receivers for the next 5 years, or so.