If they cut or trade Dak before June 1, there is a $62 million charge against the Cowboys CAP in 2024, which is about $2.5 million more than his current CAP hit.
The Cowboys are effectively $21 million over the CAP now according to Over The Cap. That number would increase to about $24 million.
Before Dallas could sign any of their own free agents or sign anyone else's free agents they would have to find $24 million in other CAP saves. Then find additional CAP saves for sign free agents. But I would assume if they planned to get rid of Dak, they won't be signing any free agents. Why would anyone come here with QB turmoil?
You have to figure they need at least $20 million in CAP saves after they get under the CAP to sign whatever players they want to sign. One significant save would be to extend CeeDee. But what if CeeDee knows Dak is leaving and Dallas has no QB. Does he sign an extension not knowing what kind of QB hell Dallas is entering into? He may choose not to sign an extension which means there is no CAP save for his $17 million salary. The Cowboys would be in real trouble.
If the Cowboys make Dak a post-June 1 cut, they save $32 million this year, but will have another $31 million in dead money next year. The problem is, they get no CAP relief for Dak until after June, when free agency is over and all the best players have been signed somewhere.
Here is the bigger problem. Dak is not going to agree to a trade. Why should he? If the Cowboys cut him he will get signed somewhere else for the money he wants anyway. He has Jerry over a barrel and there is not much Jerry can do. Sure, they get a 3rd round comp pick for Dak, which is really like an early 4th round pick. I don't think that is going to be enough to rebuild the team.