According to the 2006 salary cap page, we're $8M over the cap. Cutting Booker, Madison, and McIntosh only saves $9M. That puts us $1m under. Cutting Howard, Jones, and Seau saves $9.5M. That puts us $10.5M under. Cutting Frerotte would get us to around $15M under.
What is the going rate for a good #2 WR? I'm wondering if it's worth $3M to cut Booker. Can we get a better WR than Booker for less than that?
On Madison, is it worth the $2M savings to cut him? He's still a pretty solid player. He's not worth the $6.3M we're paying him. But, we're going to pay him $4.4M whether we cut him or not. So, is cutting him, and creating the hole in the secondary, is that worth the $2M in savings. Can we replace Madison for $2M?