Post June 1st cut would be 1m.
I think you are getting your post-June 1 info from overthecap.com but I think it's wrong since it's not recognizing the guarantee.. I think
@flv nailed it, even if all those numbers trying to figure out the cap rules gives me a headache, kudos to him for figuring it out! So I think the decision comes down to, do we swallow a dead money hit of $3m to save $3m?
To me it's like going into a restaurant and they say: If you pay us $50, you can leave with nothing. But if you pay us $100, you might get nothing, you might get an amazing gourmet meal, or the most likely thing you'll get is a meal that will be any where from bad to pretty good.
A lot of people would think it insane to pay $100 for something that will probably be mediocre, so will walk away paying the $50 for nothing. Then they can use $50 to buy a meal they know they'll like.
But others might think it insane to pay $50 for nothing at all, and might be lazy enough to think "well i'm already at this restaurant I might as well try to eat something", and at least by paying $100 they will probably something, even if it's not as good as it should be. And there's even a tiny chance it could be good.
But that's just me since everything always comes back to food...