I run the OTC site and you are correct with the way you interpret it, which I think Lucky pointed out below as well. We maintain dead money estimates for every player and every year so that is why there is a discrepancy between our figures and Spotracs.
If the Texans were to release Schaub (and I dont think they would unless the team completely fell apart, because who would you replace him with) next year they could consider designating him a June 1 cut. What would happen is the Texans would carry his full cap hit until June 1. At that point his cap number would fall from $14 million to just $3.5 million with the $7 million balance being accounted for in 2015.
If the Texans were serious about wanting to move him they should see if a team like the Bucs or Browns would be interested in trading a 2nd or 3rd round pick for him.