This is being reported online by Pro Football Talk and ESPN. They do not have any other details about the contract or who was cut. I was a bit surprised initially, but I just read that Travis Henry missed today's workouts due to his hamstring. Pittman is a decent veteran backup if Henry's hamstring injury lingers. And my guess is that it is a one year deal for the veteran's minimum (maybe with a $40K signing bonus).
Not much else to add, but wanted to get the news out there.