The Packers structured Perry's most recent contract, so that they could move on after the 2018 season and actually gain salary-cap space.
They would have to count the remaining prorated portion of his signing bonus against their cap, but could defer some of that by designating him as a June 1 cut. If they cut him without the June 1 designation, they would save $3.6 million off their 2019 cap. If they used that designation, they would save $11.1 million.
I can't imagine why they would keep him - June 1st designated cut $11.1 million. YES!
I'm thinking big in FA this year - Clowney & Landon Collins or Earl Thomas