If the Chiefs extend Smith it doesn't matter if Bowe contracts
I know Bowe was disappointing, I had him on one team (picked him up in another), but he wasn't bad in the second half starting with the Bills game:
Bills: 7-67
Broncos: 4-57 1TD
Chargers: 5-51 1 TD
Broncos: 3-56 (he had an @15 yard TD called back because the LT was lined up too far back, BS call, should have been a 4-70 1TD game)
Redskins: 4-70 1TD
Raiders: 3-24 (this was the game that the Raiders decided to not tackle Jamal Charles on screen passes)
Colts: 5-46
Chargers: DNP, whole team rested
Colts: 8-150 1TD
So, last 8 games played he was 39-528 4 TDs, and should have had 40-543 5 TDs. While that isn't earth shattering, it does show that Smith targeted him a lot more in the second half. He really only had 1 big game, offset by one bad one where Oakland's D let Charles run wild. He was really consistent.
He could be a very nice value next year if people don't look at the progression. He will probably be drafted pretty late. I would take 70-80 receptions, 1000 yards and 8-10TDs for a WR3.