The Dallas Cowboys reportedly are weighing their options with Bryant, who has failed to record a 1,000-yard season or reel in more than eight touchdown receptions in a campaign since signing a five-year, $70 million deal in 2015.
"You don't find No. 1 receivers hanging off trees like leaves," Irvin said Monday on The Dan Patrick Show. "So what are you gonna do, let Dez go? Who do you got to replace him? You think you can just find No. 1 receivers? Every team would have 'em, they'd litter 'em. You don't find them this easily.
"The Cowboys would be stupid, stupid to let this boy go right now."
Irvin also said that the chemistry between Bryant and quarterback Dak Prescott needs to develop.
Bryant, who had a team-leading 69 receptions for 838 yards and six touchdowns in 2017, told reporters in December that he wouldn't be willing to take a pay cut. Cowboys owner Jerry Jones said they "need more from Dez" the following month and executive vice president Stephen Jones admitted that the wideout can be a "distraction" at times.
Bryant is owed $16.5 million in 2018, but Dallas could save $8.5 million against the cap if it cuts the wide receiver. The Cowboys could also save $12.5 million if he is designated a post-June 1 cut, but he would count $4 million against the 2019 cap.
A three-time Pro Bowl selection, Bryant has 150 receptions over the last three seasons and has failed to reach double-digit touchdowns since 2014.
Prior to the season finale, the 29-year-old Bryant told reporters that he would resist a pay cut.
"I haven't heard no talk about that but if it comes, I don't know, probably not," Bryant said at the time. "Hell no, man. I believe in me."
Bryant has gone a career-worst 23 regular-season games without a 100-yard performance.