According to the Miami Herald, the Dolphins have "passed on" working out free agent Deion Branch.
The Dolphins haven't been connected to Branch since his release from the Pats, and it doesn't sound like they will be going forward. It could be taken as a poor sign for Branch's future that the league's receiver-neediest team isn't interested in his services, but a deal wouldn't be terribly sensible for either side. Branch shouldn't go unsigned this season.
You need to think about this from the Dolphins' perspective. They're unlikely to even contend for a playoff spot this year. So why sign an over the hill 33 year old to a one-year contract? They'd just be throwing away money to little constructive purpose. The modest likes of Deion Branch certainly won't make them a playoff team in 2012, and at age 33 he doesn't represent a worthwhile investment for 2013 and beyond.
Why shouldn't he go unsigned? As you said, if the neediest team isn't interested...
They also have a pretty long history of idiotic moves. Decent reciever, they need a reciever, they pass it up. It's not a statement of branch's value as much as a statement of miami's ineptitude
I'm guessing you're right.