A couple of big problems here.
This wouldn't be a resigning. We've cut him and the remaining money on that contract is now dead money. Had we restructured or signed him to a new contract while he was on the team, we had salary cap options. Now we don't.
So, this would be all new money added to the cap. If you think his cap was big before we cut him, then it would be hard to fathom how deep into cap purgatory a new contract for the same player would take us. In fact, you might as well just pitch a fork in us cap-wise. For quite a long time.
Second, no.