Interesting question. The article I linked says "... teams are allowed to designate up to two players as post-June 1 cuts even if those players are released before June" but it doesn't say if you can have one of each or two post-June 1 trades. Personally I would assume so.
My guess: if you traded 3 players after June 1 you could designate 2 of them as officially 'post-June 1' and eat the entire cap hit for the 3rd guy this year ... just like if you cut 3 guys in March.
AlbaNY_Ram
