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According to Miguel's Cap Site, by cutting Ty Warren, the Patriots save all of 3 dollars and half a bag of potato chips.
One of the other threads on here says that all dead cap money will be wiped out when the new league year starts next week. IF that's the case then we don't get a cap hit for cutting him, and could actually re-sign him to the exact same base salary later today and save $2.5 million against the cap. Not that I think that that's what's happening