Looking at his contract, it sounds like it will cost him less than $500K in salary since he was only making about $1.5M base. Now whether it allows the team to avoid some guarantees, I don't know. I don't see them cutting him this season, and $6.5M (approx) of his 2022 salary becomes guaranteed on the 5th day of the 2022 year. So that could be avoided anyway by cutting him in the offseason.
They restructured his deal already so that hit is spread out. He loses almost zip in salary but the team is now paper thin on the line. Those Jerry contracts almost always prove to be disasters.