You got the numbers close but
how you got there was all wrong .... guaranteed $$ , that's all that matters. Throw the rest out the window. It doesn't matter.
I'm sure we've all heard the numbers several dozen times over the past month , but how we arrive at those numbers is easily misunderstood because everyone tells us something different. I hear the radio personalities making the same mistakes ....
I looked up
Schaubs contract on Sportrac - its 5 years , $ $66.15m with $17.5m in up front signing bonus money and $29.15m in total guaranteed money.
He's been paid $11.7m & $7.25m over the first two years including salary and signing bonus money that has affected the cap leaving a total of $11.5m in guaranteed $$ which would affect the cap should he be cut.
There was a miscellaneous payment to Schaub in 2012 of $3.05m I didn't add into the above as it just doesn't add up correctly.
Some of that affects the final cap number , some doesn't. According to Sportracs calculations only $1m of that comes off the remaining total leaving him $10.5m in total cap ramifications. The remaining is likely roster and incentive money.
As for designating Schaub a June1 cut or not , I'm kinda torn here and a lot depends upon what you believe you can accomplish in the 2014 season as well as who else you part with. There are several I'd cut who total about a 21m savings against the cap without factoring in Schaub. (J.Jo , Ed Reed & OD).
Do you want the extra money this season or next to play with in FA?? It could be better spent this season depending upon the quality you are able to get.