Look at the numbers again. You and I might be talking about 2 different things. If the Packers cut Preston Smith on 2/1/21 his guaranteed money of $8M, that is still on the books for 2021 and 2022, all hits the Packer Cap for 2021. He has already been paid that money, it isn't "coming out of the Packers bank account." What the Packers actually save from coming out of their Bank account in 2021 is:
- Salary: ($6.85 M)
- Roster and workout: bonuses ($5.15 M)
- Total of $12 M saved
Remember, they have already paid that $8 M to Preston in the $16M up front guaranteed. Granted, it accelerates $4M that otherwise would go on the cap in 2022, but that is a cap entry, not a check they have to write.
They also would "save" the $12.5 M in Salary and bonuses due to him in 2022, as well as the $4M of dead cap that would have been due, but accounted for in 2021.