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So pay Cannon $7.5m next year?
That's not a useful question to ask, gotta look at it in sunk cost terms. You're paying him $2.8M whether you keep him or cut him, so that $2.8M is irrelevant to making this call. The only question that matters is "does he provide $4.75M of value to the team by being on the roster?" because $4.75M is what you stand to save by cutting him.
And in this particular situation, where there's no other tackle on the roster signed beyond this season who's played a down in the NFL, I think the answer to that is yes.