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I could be completely wrong but most contract sites do not list any cost to him last year? Opting - Out I thought meant nothing went his way but shifted entirely to this year?
Funchess counted a total of $50K towards the Packers cap last season because he received that money as a workout bonus. The rest of the deal he signed was tolled until this year. But he was paid a signing bonus of $1 million at the time of the signing, which will count against the Packers cap in 2021.
According to Over The Cap, he signed a revised one year contract this week with a contract value of $1.8 million with another $300K guaranteed via signing bonus. He agreed to remove the $3.75 million incentives from his original contract though and can earn $300,000 through per game roster bonuses.
If that's true the Packers didn't save any cap space by the move.