Waiving Jimmy would free up 1.3 Mllion cap space
As far as I can tell, were Howard to be waived today (not what we're talking about, just as an example), his cap hit would be 2/3 remaining over twice the years. There's a couple years of variation there due to this and that, but his cap hits moving forward would be:
1.5, 1.5, 2, 2.7, 1.7, 1.7, 1.7, 1.7.
Absent a buyout, his cap hit is 5.3ish for this year and the next three.
So, in year 0 (this year) there'd be a pro-rated +3.8 in space. 2017 a full +3.8, 2018 +1.8, 2019 +1.1.
There's some tagging issues to be aware of, but there are sufficient expiring contracts in 18 and 19 that I don't think they'd be insurmountable.
Again, not that I think this is the best path, but it's one that provides flexibility.