WEDNESDAY, 1:45pm: The Cowboys have officially announced the release of Austin, tweets Tom Pelissero of USA Today.
TUESDAY, 6:19pm: The Cowboys are set to release wide receiver Miles Austin, and will designate the move as a post-June 1 cut, reports Ian Rapoport of NFL.com (via Twitter). The move won’t free up any cap space for free agency, but will allow the club to spread out Austin’s cap hit over the next two years, beginning in June.
Without the post-June 1 designation, releasing Austin would have only created about $400K in cap savings for the Cowboys, reducing the veteran’s $8.25MM cap number to about $7.86MM. Instead, there will only be $2.75MM in dead money on the team’s 2014 books, for about $5.5MM in savings.