Nicely explained!
Also noteworthy is the significance of the June 1st date. That's the day that the signing bonus is paid. So in the Will Allen example previously noted, if he were cut June 1st, 2008 instead of March 2008, he'd get paid the 1,000,000 bonus that year and the remaining 2,000,000 salary cap hit would take affect the following year. So, in that case, he received 3 million of the original 5 million bonus (2006, 2007, and 2008). The remaining 2 million would hit in 2009. So we would lower his cap number from 5 million to 1 million THIS YEAR, saving 4 million. But, he'd have a 2 million hit NEXT YEAR.
I think I got that right. I'd also agree on the not becoming a capologist.