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If they release him they have a dead cap hit of 8.3M but save 30M. They could do a post June 1 release and spread the cap hit over two years and save even more for this season.
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Since they're going to be bad anyway, may as well just take the $8M hit this year.
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Seems likely.
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I don't recall if they restructured his deal. One of the big reasons he got traded was how ludicrously inflated the last two year of his contract were.