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SALARY cap
Creating cap space is always helpful. Cutting players who are aging/declining, overpaid or don't fit the scheme is a good way to do that. Ahead of releasing players try to see how that move will affect the team momentarily and in the next season as well.
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When cutting players you want to avoid cap penalties. Some players wont carry a cap hit but for the most part there is some type of hit, ranging from 100k to multiple millions. Trading those players away wont clear the penalty but you might just get a young talented player or high round draft picks to compensate the cap hit.
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Depending on Schemes, you can save cap salary on certain positions. In some offenses a WR can pass for TE due to size and skill. By starting the WR at TE you will be saving about half the cost of an elite TE. Same goes for some defenses, LB's can pass as DE's thus creating the same half cost scenario. Both cases with great results. Move around players positions and you can probably find some awesome alternatives.
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