As a result, the Cowboys will temporarily have more than $10 million in cap room, but that does not mean they can spend a lot of it.
That room does not include the impending deals for first-round pick Zack Martin and second-round pick DeMarcus Lawrence. The Cowboys also have to keep money aside for players they will add during the season, injury settlements with players they release, and practice squad players.
While the Cowboys gain space this year from releasing Austin, they will see their former two-time Pro Bowl wide receiver count $5.1 million against the cap in 2015.
The Cowboys have had talks with wide receiver Dez Bryant regarding an extension. He is in the final year of his contract and set to make $1.78 million.
The Cowboys picked up the fifth-year option on left tackle Tyron Smith for 2015 but would like to sign him to a long-term deal, as well.