I thought so too, but from the roster screen, I added all the players salaries(Cowboys) and found that the values on that screen and the left over cap room equal the salary cap. So, you may be getting some free cash that first year.
For instance, in 2000 RB Barksdale's salary on the roster screen is $200K, but on the contract renegotiation screen his first year salary is listed as $310K. So, if I were to release him, I would save $280K that first year and get $80K from thin air.
I have noticed this on a number of players on the Cowboys roster, but have not check any other teams as of yet.
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