How often have we seen the Cowboys cut a player with guaranteed money, though? It may not seem like much, but there is still a cost that the Joneses have to pay to not have him on the roster.
Frankly, if they decide to move on, I could see them trying to trade him even for a conditional pick so that another team takes on the guaranteed salary cost. Then the team is only stuck with the signing bonus ($600,000).
Of course, his cap hit is $2.5 million while his dead cap hit is $2 million, so they might be satisfied just saving that half-million.