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What He's Done
Absolutely nothing. He was once thought to be the future at wide receiver. Instead, he developed a serious case of the dropsies, dropping key catches in several games. In 2009, one of his catches was the difference between victory and defeat. Had he caught the key touchdown in Cincinnati, the Steelers would have won and would have been in the playoffs that year. Instead, he dropped an easy catch and promptly disappeared from the radar.
Sweed had a ton of talent coming out of Texas, but he looks to be an NFL washout at this point. He's had plenty of chances, but he has never been able to translate that into success of even and intermittent kind.
What Chances Will He Have?
Fortunately for Sweed, Antwaan Randle El was less than impressive in his return to Pittsburgh. While Randle El is still a better receiver at this point, Sweed is younger and much cheaper.
Also, Sweed was having a good offseason in 2010 before an unfortunate injury ended his season before it began. Sweed worked diligently to get better and more consistent and the early returns looked good. He'll likely get one more shot this year to prove he can be an NFL player.
For Pittsburgh, he could still develop into a fourth or fifth receiver this year and then push his way up the depth chart by being consistent and clutch. It would be a complete reversal from his current numbers, but it's possible.
This is, however, likely his last chance in the NFL. It's definitely his last in Pittsburgh.