Eric Moulds rejected the Buffalo Bills' offer Monday for restructuring his hefty contract, a decision that could lead the team to release its veteran star receiver by as early as this week. "Based on what they're proposing, I guess it's not encouraging," Moulds' agent Harry Henderson told The Associated Press by telephone following a meeting with team officials. "We're way off. ... Our attitude has been optimistic, but realistically it may not happen." Moulds, a 10-year veteran and the team's senior player, has two years left on his contract, scheduled to count $10.85 million against the salary cap next season. His salary would represent about one-ninth of the projected cap, a figure the Bills deem far too expensive.