It's not done yet (but it appears to be close) ...
I really hate the fact of "life without Eddie" ... sure he hasn't been as productive in his last couple of seasons, but I think the majority of that is due to the style of offense the Titans use now. Plus, Eddie hasn't had a fullback in front of him for a couple of years now. I think one of the dumbest things the Titans could have done was let Lorenzo Neal go, but in the salary-cap era, he was just another casualty.
Eddie is such a leader on the team. The guy hasn't missed a start since he was drafted by the Oilers in 1995. He really showed me something after dislocating his shoulder in the playoff game against Baltimore last year, getting it popped back in and coming back to have a great game.
EDIT: Here's an interesting article regarding the situation ... it makes some valid points.