Let's do the quick math on Zeke.
Status Quo
With no action on his contract, Zeke is $16.7 million cap hit for 2023. His base is $10.9 million with another $5.8 million in bonus/restructure cap charges.
Restructure
They would convert part of his base to bonus and spread it out over the remaining years on his contract. Let's say they convert $8 million to bonus lowering his base salary to $2 million. That would mean $8 million spread out evenly over the remaining 4 years of his deal. In that plan, his cap hit for 2023 would be $9.8 million = $2 million base + $5.8 million in bonus/restructures + $2 million for the new restructure. That's not great for a back up TB. But the other issue is adding $6 million in cap charges to future years.
Pay Cut
Even if you were to cut his base pay from $10.9 million to say $1 million, his cap hit for 2023 would be $6.8 million = $1 million base + $5.8 million bonus/restructures.
Straight Cut
Two ways to cut Elliott. Pre and post June 1. Pre June 1 saves $4.9 million with a 2023 dead cap charge of $11.9 million. June 1 cut would save $10.9 million (his base salary) and carry dead money charges of $5.8 milion in 2023 and $6.0 million in 2024. But note, while you can designate a player as a June 1 cut at any point, the team still has to carry that player's cap charge on their books until June 1. In other words, if you designate him a June 1 cut, you don't see those $10.9 million in cap savings until June 1. You stil have to be cap compliant during FA. You can't just sign over your cap number and say it's all good, I got $10.9 million coming in June.
The more you look at this, I think the cut is the best way to go. A restructure is idiotic. It just pushes cap charges into future years when he's already in decline. He'd have to take a massive paycut to get his cap number to a reasonable figure and frankly, even if they cut his base pay by nearly $10 million, a $6.8 million cap charge for a backup TB is not wise. Plus, as much as he wants to stay, is he really going to take that big a pay cut?
June 1 seems to be the best option at this point. Cowboys don't blow their cap out anyway in FA so they can afford to just sit on his June 1 savings. They always like to keep some in reserve for in season signings and rolling over to the next year.