This season the cap numbers of Phillips and Holland combine for over 8m. So, I'm not sure how you figure our 1st and 2nd this season will combine for under 3.4m?
Liam's salary would equate to about the sum of our first and second round picks combined ($3.4M). Any player that makes the team drafted in the 5th round or after will essentially be replacing the 48th, 49th, 50th or 51st players on our cap so it has no impact, as they will be near minimum cap hits anyway.
So to sum up, cutting Liam Eichenberg negates any money needed to sign our draft picks.