The main problem is that Dallas has to decide by March 11th what to do with Ware. That is the day they need to be under the cap. They can get under without addressing Ware, but they will have little money to maneuver in Free Agency. Even an incentive laden deal doesn't help the team very much if those incentives are reachable. They still have to be accounted for eventually.
The easy choice is restructuring his full 12.75m and hoping for a rebound
The best choice is a 50% pay cut, guaranteeing 2015 against everything but injury and then they could still possibly restructure
An outright release in March helps 2014 and 2015 the most in FA and rebuilding
A June 1st release isn't a good option because the cap money isn't available until June 2nd, but it creates the most money for 2014
A trade doesn't seem possible at this point with the surgery
The worst case scenario is a restructure and Ware isn't able to fully recover and misses time throughout camp and the season, again
not at all a bad post but lets discuss some of the bullet points.
The easy choice is restructuring his full 12.75m and hoping for a rebound--Yes, it is. Because it frees up immediate cap space but also gives you a front line starting RDE.
The best choice is a 50% pay cut, guaranteeing 2015 against everything but injury and then they could still possibly restructure--That is a dream choice for the Cowboys. Ware has little incentive to do that type restructure at low rates. That is essentially a 2 year 12m deal. He can get that from Seattle if he wants and be a title favorite. Or literally just about any team in the NFL.
An outright release in March helps 2014 and 2015 the most in FA and rebuilding--It clears the most long term cap space related to Ware but does not address the position. Someone has to start there and someone has to back that player up. Those players will have cap hits in 2014 and 2015 and may or may not be rebuilding pieces. One could argue best way to handle it from a rebuilding standpoint is to keep Ware in 2014 but also draft his replacement.
A June 1st release isn't a good option because the cap money isn't available until June 2nd, but it creates the most money for 2014--correct. Getting enough space to keep Ware til June would require many worse cap decisions than simply the one move to restructure Ware.
A trade doesn't seem possible at this point with the surgery--Surgery has next to nothing to do with it. His surgery is a clean up procedure that effects his stock little to none. His neck and back issues are far more disconcerting. He can't likely be traded because he has a huge deal of money owed. He'd have to agree to a new deal before a trade could be made. And teams see Dallas doesn't want to pay him the current deal so have little incentive to trade for a guy who could well become a free agent while still crippling the Cowboys cap space.
The worst case scenario is a restructure and Ware isn't able to fully recover and misses time throughout camp and the season, again--debateable. Worst-case imho is he is released and signs with the Eagles and they win a Super Bowl. Can add driving Romo into the turf a couple times as insult upon injury.