Depends on your definition of "fully honored." Fans tend to define it differently when discussing owners vs. players. The good players are expected to play out their contracts for whatever amount of years and money was promised on signing day and if they hold out they are whiny overpaid babies. With players that aren't so good, teams should be able to cut/traded and move on from with as little financial ramifications to the team as possible.
Fully honored, if you applied it to owners the same way fans want it applied to players, would mean they have to pay you for the full life and value of the contract.
Most fans don't even understand what a contract is. Don't overestimate them.
Contracts are what they are. There is a certain amount of guaranteed money that a player is agreeing to. That part of the contract should be fully honored, or don't sign the damn contract in the first place.
Once the guarantees are gone, a player or team has every right BY THE TERMS OF THE AGREEMENT to back out of it. If those terms aren't met, a team can cut a player but still has to pay him. Or a player can leave but can't play anywhere else unless they negotiate a buyout of some sort.
It's actually very simple.