I don’t think the two are mutually exclusive. Yes he is guaranteed the money but if another team volunteers to give him some of it it can come off the bills books. It depends on if the contract has. “ offset language”
Vs
Explanation
If a player with guaranteed money is cut, they are still owed that money. However, if they sign with a new team on a different deal, their old team is only responsible for a portion of the guaranteed money. The new team makes up the difference.
Example
If a player has $4 million in guaranteed money left on their contract and signs with a new team on a $1 million deal, their old team is only responsible for $3 million.