Hold/buy. He is a top 10 RB in the league and his day will come eventually. Williams is 29 years old and I don't think his contract is guaranteed after this season.
While this is true, I doubt it means he will be going anywhere. Details on his contract from Rotoworld:
7/29/2011: Signed a five-year, $43 million contract. The deal contains $21 million guaranteed, including a $16 million signing bonus and $5 million of Williams' second-year base salary. 2012: $5.25 million, 2013: $4.75 million, 2014: $5.75 million, 2015: $6.75 million, 2016: Free Agent
I assume the $16M signing bonus is prorated at $3.2M per year from a cap perspective. If they cut him after this season, that means $9.6M still has to hit the cap. Meanwhile, he only stands to make $4.75M next season. I don't see them cutting him in that scenario. Even in 2014, that means a $6.4M cap hit to cut him vs. paying him $5.75M to play.If someone knows differently, please correct me.
Aside from that, as long as he is productive, I suspect it's more likely he would restructure to stay than get cut. He and Stewart are an effective combo for Carolina, and they are best friends. And both are getting paid very well. I don't see incentive for any parties here to change the approach.
I own Williams in both of my dynasty leagues, and I own Stewart in one of them. Believe me, I hope I'm wrong about this.