Here's the math. Elliott has a $16.7 million cap hit for 2023. That's broken down as follows:
$10.9 million base + $1.5 million prorated signing bonus + $2.6 million prorated option bonus + $1.7 million 2021 restructure
So of his cap hit, $5.8 million are non base salary cap charges they can do nothing about. Even if you cut his base salary to $1 million (which I think is the vet minimum for a guy with his service time), he'd still have a $6.8 million cap charge for 2023. You do save $10 million against the cap but are still carrying a mediocre TB at a $6.8 million cap charge, which isn't all that great.
For informational purposes, if you cut him pre June 1, he's only a $4.9 million cap savings (because you have to advance all that prorated money) or if you make him a June 1 cut, which would save his base of $10.9 million (but again, you technically can't use that cap savings until June 1 because you have to carry Elliott's full cap charge until then). So from a cap perspective, getting him to take vet minimum provides a bit less cap savings but you get it right away. The downside is you still have Elliott on your books and then have to deal with this again next year (it is easier to cut him in 2024). On the flipside, a June 1 cut saves you a bit more but on the downside, you can't use the savings until June 1 and you still have to take a dead money hit in 2024 of around $6 million.
For one year, if you want as much cap savings as possible, getting him to take a massive pay cut makes some sense.