Exactly. The figure you quoted of a 7.5M savings is if they take the entire dead money cap hit in 2014 rather than spreading it out over two years. They save 11.5M in 2014 if they do spread the hit out over two years.
IMO they will keep Ware if he renegotiates down to roughly 5M in salary next year. His performance if he is healthy is too good to pass up if you think his problems last year were all about injuries and pass rushers with double digit sack totals are too hard to find in the NFL to cut him lose if the cap hits are roughly equal.
The Cowboys #1 issue this season was injuries.
The best way to reduce the probability of injuries is to cut older players and replace them with younger players.
There is a fairly high probability that Ware will get injured again next year considering that he has been injured the past 2 seasons including multiple different injuries (back, neck/shoulder, both elbows, thigh) and he will be 32 years old.
The 4.75M number might make it an acceptable risk.
I see the probability of the Cowboys being a Super Bowl contender next season as a low probability; however, I see the possibility of them being contenders in 2015 as much higher. While a player like Ware might get healthy and be productive in 2014, the probably of him also being productive in 2015 at age 33 seems really low. I would prefer to have young free agents and draft picks getting the valuable reps in 2014. Stopgap players have kept the Cowboys from developing young talent in the past. They improved in that area in 2013 and I would like to see it continue.