There's a pretty big gulf between cleaning out your locker and being outright released by the team. However, many expect the Rams to part ways with Bulger this offseason. I don't believe there are any sort of roster bonus due in Bulger's contract, which means there is no extra incentive for the Rams to release Bulger prior to the March 5 whistle for free agency. I suspect, as the PFT link alludes, that it might be more of a courtesy similar to what the team did in releasing Torry Holt and Orlando Pace earlier than necessary last season that gives Bulger more time to find a new team.
I still would not rule out the possibility of the Rams having some interest in bringing Bulger back at a reduced rate and not handing him the starting job. With free agency what it is in these no-cap times, finding a QB is no easy task, and cutting Bulger leaves the Rams with just one QB on the roster: 2009 sixth round pick Keith Null.
Now this is really getting into tea leaf reading, but I think if the Rams don't bring Bulger back it makes drafting a QB more likely, a first round QB that is. Even if the Rams do follow the rumors and chase Michael Vick and his sub-60 percent career completion percentage, he's not a long-term solution or even a guarantee to start in 2010. Mostly, I think it's just an issue of need. Without Bulger, you've got Null and maybe Vick, two relative unknowns and probably not the answers for the future. A first round QB is a much better candidate to step into the fold should Vick or Null keep the Rams from being as competitive as possible.
Either way, keep an eye on the Bulger situation, locker cleanups don't necessarily mean anything in and of themselves. Maybe he just needs an extra bottle of Head and Shoulders for home?