I have $4,000,000 left under the cap. Window says when I go to cut, "Cutting this player will reduce the salary cap by $8,335,722. He will count $7,541,854 against the salary cap this year and $0 against the salary cap next year.

Am I going to be over the cap? Brain farting and need help with the numbers ...

That 7,541,854 is simply the gauranteed portion of his contract that is already counting against your cap, it will not add to it.

So rounding I am adding 8 mil back in ... Cap 12 million .. Then reducing 7.5 for the bonus .. Leaving 4.5 .. Correct?

That's not the way I read it.

Is this player's total salary $15M or so?

I think your new cap space will be ~ $12M.

No, you're in even better shape than you think - it will free up 8.3 million of your current cap (which is his base salary), the 7.5 million is his bonus that will not be recovered, currently his salary is counting 15.8 million on your cap.

OK thanks. First time dealing with a tight cap