Signing bonus and guaranteed money, spread out over the life of the contract, counts immediately against the cap if the player is cut or traded.

He still has 17 million due in signing bonus and guaranteed money. If we cut/trade him that entire amount counts against our 2012 cap.

The other team will only pick up his yearly salary, but we get stuck with all the bonus money.

which is why trying to circumvent the cap with front end bonuses can bite tyou in the @ss when trying to get rid of a player later

Those are player protection dollars. If we agree to a lower salary so that you can free up available money for other guys, I'm OK with it as long as I know I will get my guaranteed money - cut or trade. The team benefitted up front and the player is protected at the back-end. Reggie had $11 million taken right off the table. Players don't like that at all, and I don't blame them.