If they're willing to cut a somewhat "high earner", yeah, but most of the cuts will be guys making very little/not counting against the top 51 deals. Draft picks won't cost that much, though.
ETA: dropping Smith's $3m base salary should be enough to sign the draft picks. Pretty sure designating him as a post 6/1 cut would actually free up $4m this season, but I can't say with absolute certainty that would work since his base salary is treated like he's actually being cut on 6/1, the same day his roster bonus kicks in, but he's obviously not on the roster anymore.
This post was edited on 3/15 at 12:42 am