They league currently handles post-June 1 cuts differently than they handle post-June 1 trades.
When the current CBA was initially approved a player actually had to be cut or traded after June 1 to be considered a post-June 1 transaction. But it quickly became apparent that the procedure for handling cuts wasn't working efficiently.
What was happening was that teams were deciding early in the offseason that they were going to cut Player X but they would hang on to him until June 1 if they wanted to take advantage of the cap benefit. Players cut on June 1 often had a hard time catching on with another team - a detriment to both the player being cut and to the teams that might have signed him if he was available several months earlier, when free agency began.
To alleviate that issue the CBA was amended to let a team cut a player any time and simply call it a post-June 1 transaction.
How that could work using Noteboom as an example. If the Rams are going to cut him they would do it before March 18 (the 5th day of the 2024 league year) to avoid paying him a $5M roster bonus, and if they do cut him then they will immediately get a $5M cap savings against the 2024 cap.
The Rams have the option, though, of designating it a post-June 1 cut even if they cut him on March 17. If they do that they would get an additional $10M in cap savings in 2024, but that savings wouldn't be applied until June 1. (And $10M in dead money would go against the 2025 cap on June 1 as well.)
Note that trades still have to actually take place after June 1 to be considered a post-June 1 trade.
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