Everyone seems to be assuming that we would have received a comp pick if we had let him go, and I'm not sure that's correct. Due to the voidable year, I don't think he would be considered a true free agent, but instead would be viewed as a "cut" player.
I'm not sure I'm right on this, but if I am, then it's another reason for them to go harder after him than they did a player like Fowler. And, as stated above by
@jrry32 we already had money that was counting against the cap because of that year, so the added cap count of this contract is less than it appears on the surface.