UFA RB Peyton Hillis: Hillis, everyone's favorite tabloid fodder, is perhaps the most talked about free agent on the Browns roster, though based on 2011 performance, he shouldn't be.
Regardless, even if you're upset with Hillis for sitting out with strep throat or underperforming or getting married during the season or getting himself Madden Cursed or whatever it is that everyone is mad at him for this week, you still have to consider whether he could continue to be of help to the offensively-challenged Browns going forward.
The answer to that, in my opinion, is "yes", though the asking price on Hillis may well be too high for the Browns to be willing to commit to him again after the inconsistency he's shown of late. I expect they'll make him an offer, but it won't likely be the best one on the table.
In the end, how aggressively the Browns are willing to pursue Hillis may depend on who else is available at RB in free agency and whether they decide to pursue Trent Richardson in the draft. Unfortunately for Hillis fans though, this one is likely a no-go. I still have some fondness for Hillis, but unless he comes much cheaper than indicated thus far, it's probably best to let him walk.
UFA TE Alex Smith: Other than one infamous failed red-zone play that exposed Pat Shurmur's questionable play-calling skills, Smith was largely a non-factor in the Cleveland offense this season. He finished 2011 with 131 yards on 14 receptions and one touchdown.
While his stats underwhelm, the Browns do have some injury concerns at TE, and Smith will likely come cheap. He'll never be a standout at his position, but he can block relatively well and provides the Browns some insurance against injuries to Ben Watson and Evan Moore. As long as the price is right, there's no harm in hanging onto Smith.
ERFA WR Jordan Norwood: I'm always pulling for my fellow Penn State alum Norwood, who is a hard worker, a respectable athlete and an outstanding human being. Unfortunately, the one thing that remains debatable about Norwood is whether he's of much use on a football field.
Norwood has a solid skill set at WR, and unlike many of the Browns at this position, he can actually catch. The problem is that Norwood seems to just be too slight to hold down the position without getting killed. He's too small to break tackles and too likely to get hurt to be a regular at WR in the NFL.
The Browns should absolutely hang onto Norwood for now—he's young, he has talent and, hopefully, he can put on some weight to help him play his position more effectively—but sooner or later if he can't bulk up a little more, there won't be room to keep him on the roster.