The cap costs if he plays each season under his current contract (and not including his workout pay, which would amount to another $6,720 this season if he earns all of it) --
2008 $6,667,385
2009 $6,620,000
2010 $7,020,000
The cap costs if he plays this season and gets cut before June 2, 2009, and we elect not to use the June 2 treatment --
2008 $6,667,385
2009 $4,400,000
2010 $0
If he plays this season and gets cut after June 1, 2009, or if he gets cut before that and we use the June 2 treatment --
2008 $6,667,385
2009 $2,200,000
2010 $2,200,000
If he gets cut today and we use the June 2 treatment (or cut him after June 1) with no other techniques to move the cap room around --
2008 $2,947,385
2009 $4,400,000
2010 $0
If we cut him anytime this offseason and use one of the many possible ways to move cap room around --
2008 $5,847,385
2009 $1,500,000
2010 $0
As you can see, this last example gives a 2008 cap charge that's lower than ANY of the scenarios that involve him playing this season, a 2009 cap charge that's lower than ANY of the scenarios that involve him playing this season, and a 2010 cap charge of zero.
No matter how you slice it, it's $3.72 million of cap room that can be moved into whichever season we want to spend it, in any proportion.