You got to make the tough decisions. This team needs to be cleansed - and by cleansed I mean scorched earth and reseeded completely. This is not a quick fix. In terms of players under contract in 2016:
Quenton Coples is a sure-fire cut, with the Dolphins saving $7M with no dead money penalty.
Cutting Cameron Wake would save the Dolphins $8M with only $1M in dead money. That's a move, unfortunately, that has to be made.
Jordan Cameron would save the Dolphins $7.5M but cost $2M in dead money. Another unfortunate move but another one that has to be made.
Brent Grimes would save $6.5M but cost $3M in dead money. Considering declining play as well as his subhuman parasite of a wife that is a known team distraction (that the team is not happy with), that is also a move that gets made.
Greg Jennings would save $4M but cost $1.5M in dead money.
Other candidates for cap casualties would be Koa Misi ($3.7M savings/$1M dead money), Brice McCain and Earl Mitchell (identical figures at $2.5M savings/$1M dead money) and Jason Fox ($1.3M savings/$150K dead money)
Players like Branden Albert and Dion Jordan will most likely not get cut because their savings and dead money are about even, but this remains to be seen as we enter the transitional phase with the new staff and front office.
Cutting those 9 players mentioned above would free up approximately $43M in cap space, but accrue approximately $11M in dead money, that is accrued already on top of the $4M in dead money already on the books ($2.8M of that going to Phillip Wheeler). A 2016 cap number of $32M is not the greatest, but this is better than a negative cap number as the team stands right now. Look for the team to be very cost-effective when rebuilding in 2016 - or at least you hope they will be.
http://overthecap.com/salary-cap/miami-dolphins/
And just for those that were wondering:
Ryan Tannehill isn't a favorable cut until the 2017 offseason (and even then it's still a hit at $13M savings/$7M dead money)
and Ndamukong Suh isn't a favorable cut until the 2019 offseason ($19M savings/$5M dead money)