Here is break-down of trading or releasing Romo. After you get thru it all its clear a release is much more favorable for Cowboys.
1) If Dallas trades Romo - they absorb 19.6 million in signing bonus in 2017. Romo was set to make 24.7 million in 2017 so Cowboys would save 5.1 million if they trade him. I see nothing more than conditional pick for Romo as Dallas will have little leverage as Tony will only accept trade to few Super-Bowl ready teams.
2) If Dallas releases Romo they can spread 19.6 signing bonus over 2 years. 9.8 million would count against cap in 2017 & 2018. Dallas would save 14.9 million in 2017.
When you look at numbers its clear what Dallas should do. The additional 9.8 million in savings by releasing him instead of trading him (14.9 - 5.1) is much more valuable in resigning players or adding FAs vs getting a conditional pick that would carry high risk with Romo health concerns.
