Cutting him next year will result in only a 5 million dollar cap penalty. The cap will be going up a lot pretty soon, so I guess that's where it will land next year if we decide to sign J-Stew.
Cutting him next year is a cap hit of over 9 million dollars, so it would cost more to cut/trade Dwill this season or even next season then for him to just stay.
DWill's cap hit's if he was cut or traded.
2012 - 17.8 (Traded - 12.8)
2013 - 9.6 cut or traded
2014 - 6.4 cut or traded
2015 - 3.2 cut or traded
It's not cost effective to cut or trade him till 2014 and then it would only save the team roughly 2 million. The cap is expected to remain flat till the new ESPN TV deal kicks in, which will be for the 2014 season. It's almost impossible for the Panther's to resign Stewart given Williams deal as they will be over the cap before the season starts each of the next 2 seasons. His deal would have to be incredibly back loaded and filled with option bonuses for it to even work.