Here is the salary information:
He was paid a $3m signing bonus on a 3-year contract. His signing bonus proration is $1M per year.
In 2013, he's due a $3M option bonus, $1.9M in salary, plus a workout bonus, for a total of probably about $5M in new money. His 2013 cap number will be about $4.5M (salary plus signing bonus proration plus option bonus proration). If he's cut before the option bonus is paid, there will be $2M in dead money (year 2 and year 3 signing bonus proration). There will be about $2.5M in savings on the 2013 cap. You'd then have to go out and sign (or draft) a replacement, and that 2013 number of that replacement may higher or lower than $2.5M.
The key question is whether or not it's a good idea to be paying $5M in new money in 2013 to the third or fourth option in your offense. I say it isn't.