For salary cap purposes, the 5 mil is still spread over the 5 years. For cash purposes, it counts towards this year. Think of it as almost having 2 limits. A 90% lower limit (with a ceiling) for the salary cap, as it used to be. But now, there's a lower limit for the amount of cash a team must spend. Previously, teams could be near the cap without spending a lot of cash.
So if the numbers out there are correct, each team must be between $108-120 million in salary cap dollars, but your books for 2011 must show that you spent at least $120 million in actual cash paid out to players during that calendar year, regardless of your cap figure.