Nba Live 10 Dynasty Mode Salary Cap and Releasing Players

Hey guys, I'm recently back to PS3 after taking a long break from console gaming. I did a fantasy draft Dynasty Team with the Milwaukee Bucks, and have been cruising along in the season. I'm not totally sure how players contracts work once they're released. I drafted Ben Gordon as a second SG, not realizing his salary. I also have a 3rd Center that I never play. I'd like to cut them, as I'm well over the salary cap, and they don't really play at all anyhow. If I release him, does that count against my cap for the upcoming season? Will the "penalty" go away when someone else picks him up off of waivers?

I apologize if this is a duplicate post. I'd imagine it was discussed long ago, but I didn't see anything on the boards. Thanks in advance.

All contracts in NBA Live 10 are guaranteed (most of them are real life too, non-guaranteed contracts and certain contract exceptions are not represented in the game), so when you release a player their salary continues to count against your cap until it expires or another team signs them. The only way to clear cap space is to trade players to a team that has cap space (so you can take on a smaller contract in return) or trade for players with expiring contracts so that your payroll is reduced at the end of the season.