The reports are that Gurode was going to have a salary of $5.5 mil this year, which would mean, I believe, that he would have been costing a little over $7 mil against the cap (since he has a prorated cap hit this year and next of $1.6 mil per season).
If those reported numbers are accurate, then, it would clear the $5.5 mil from the books this year but the $1.6 mil hit for this year and next would remain.
Of course, if the reported numbers are wrong, or the $5.5 mil included the signing bonus proration, the numbers would be different.
This could be clearing the way to be able to either sign a veteran or two for depth purposes when the final cuts happen, or even re-structuring/extending a player to lessen the hit against the cap next year. We'll see...
And, of course, Adam is the real expert, so I defer to him in this area.