Looking at the numbers above, it makes sense to cut Ellerbe, Wheeler and Hartline after June 1st to maximize the saving. While Finnegan, Shelley Smith, Starks, Garner and Gibson can be cut ASAP to generate immediate savings.
I still have a strong preference not to cut Mike Wallace. He scored 10 TDs over the season, the most scored by a Miami Dolphin since Chris Chambers, 11 in 2005. All of these football experts saying how badly Wallace played, weren't watching the player I saw. Yes, he behaved like a diva in the final game and that was inexcusable but it was also partly Lazor's fault for not trying to get him into the game (ie throw him the ball).
BTW - Earl Mitchell won't be cut.