Wood is expensive, but a lot of that is due to the past restructuring of his contract. He'll count $7.58M in 2017 as it stands. That'd be his last season under contract. If cut, he'd still count $4.32M. That's a savings of $3.26M. If a new C costs about $2M, then savings would be around $1.26M. For that, I'd rather not rock the boat and either let him play his deal out or extend him and kick some of the cap hit this season into future years.
http://www.spotrac.com/nfl/buffalo-bills/eric-wood-5637/