If a team loses a free agent , or cuts or does not resign a player with an expiring contract like the Knicks are apparently going to do with Mccrady, does that give them any additional cap room or merely reduce the teams salary obligations. I always thought it was the latter but the knicks seem to be getting more relief from their expiring contracts than I would have thought. In our case for instance would losing JJ after this year only take his salary off the books or could we resign someone using the 14 or so million we paid him this year. I believe if we sign and trade we can use that salary but I am talking about an outright release or loss in free agency.