A lot of that is not realistic, IMO. Cutting Wilson saves very little (1m), while losing 7m to dead money. Doesn't sound rational to me. The best option here is to find a trade partner, even if it isn't a great deal, to get the player/contract off the books. His contract is attractive to a perspective trade, in the sense that in 2024 he can be easily if it doesn't work out.
Cedrick Wilson Jr. contract and salary cap details, including signing bonus, guaranteed salary, dead money, roster bonuses, and contract history
overthecap.com
To keep MG, and I like him, you would likely have to overpay for a guy that is very limited as a true TE. You're really only getting, at best, a #3-4 receiving option with the receiving talent we have.