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That's correct. Levi wasn't going to be on the team next season with a $7.6 mil cap figure.
And even if we only upgrade, let's say, a 7th to a 6th, and get marginal cap relief this season, this is still a good deal, IMO. It rids of an underachieving, reportedly lazy player, who has been playing house money on this roster for quite some time and has drawn the ire of many fans and the new coaching staff. Should an upgrade have been pursued in the offseason? Of course. Will one be pursued the following season? Absolutely.
Anyone who felt Levi had any value on the open market either has never watched him play or is completely naive. Keim did the best he could do given the circumstances, and quite frankly, I thought it was a joke when I first heard someone was willing to take him.
If I read correctly, the CAP relief in 2013 in some $3M.
Let's see how that is used in terms of in-season extensions, and judge that as part of the deal.