While Tebucky's salaries may be at the veteran minimum level the contract itself isn't a veteran mininum deal by virtue of his significant signing bonus. The signing bonus limit on veteran minimum salary treatment for cap purposes was $25,000 last year. May have risen a little under the new CBA.
Last year Flutie signed for $770K with no signing bonus and counted $455K against the cap. Troy Brown on the other hand signed a deal for $765K plus a $35,000 signing bonus. His deal counted $800K against the cap.
Tebucky will count $860K ($710K plus half his $300K signing bonus) plus his workout money and any roster bonuses that may be what increase the total deal to the reported $2M. Miguel is currently guesstimating his 2006 cap hit at $965K. Because he has 4+ years in the league as well, if he is on the roster in week 1 his salary for 2006 becomes guaranteed.