If they were trying to make a cost-cutting move, they would have tried to get rid of Okafor, Nene, or Ariza. Jamal Crawford was barely making $1 million this season.
So yeah, they freed up $1 million. They can sign another bench warmer now.
Grunfeld and Leonsis are both awful. Someone get Dan Snyder to buy the Wizards and have Vinny be the GM. Their ways of spending money would win the Wizards a championship.