If you cut him after June 1st, you're adding to the 05 cap, not reducing it. Right now his entire cap hit is/was taken in 04. After June 1st, half would be 04 and half 05. Considering you have three guys hitting free agency market in 05, it makes more sense to take the hit this year. You'd also need to look at the Bills total cap structure to make any determination of that, not base it one guy.
Also if TD is cheap as posters have stated, then why are we only 1 mil under cap? Cheap teams like Cinncy for years were 10 to 15 mil under.
TD just isn't jumping to pay these guys right now. Considering hpw much Jennings has been nicked up it makes sense to wait on him. Williams is getting older, so unless he plays way above past years, his value may go down by waiting. The only one that may go up with another good year is Schobel.