Cutler has officially asked to be traded. There's more info in the link. A lot of words that basically can be summarized by saying that Cutler doesn't think the organization wants him as the starter and that he doesn't trust McDaniels.
ProFootballTalk.com - REPORT: CUTLER WANTS OUT OF DENVER, ASKS TO BE TRADED
Again, I think both parties are handling this pretty terribly. McDaniels is handling the media better, but it sounds like he's done nothing to make Cutler happy. I don't blame Jay for being upset about not feeling wanted by the organization, but he's making it more of a mess than it needs to be.