The "dead cap" will be 2/3 of his $6.5 million signing bonus he got just after the 2004 draft. That's $4,333,333, all of which falls on 2005 cap. Drew would not count on 2006 cap anymore and that's over $8 million off the 2006 cap.
His 2005 cap savings, when adjusted for "top 51" rule, is $1,953,334
Take his cap number of $6,516,666 - $4,333,333 = $2,183,333
His release requires the 52nd highest cap charge to be included in the "top 51" and that is $230,000
$2,183,333 -$230,000 = $1,953,334 cap savings