re: Is this what everyone praises Loomis and his magic for - cutting player?

Of course you think he does.

The reason why Loomis his a cap genius is because he is able to work down a cap figure that is generally over and max out the team's ability to add players every year. No other team, to my knowledge, works the cap like he does. It makes is job much more complex every off season and he "makes it happen" every year.

It beats having a GM that sits on millions of dollars while his team is picking in the top ten.