I show that Brian Waters has a $2.25 mill cap hit with the Patriots for this season.  He isn't coming back so it looks like another $2.25 million to spend. 

Can someone please verify?

Good question. I have no idea how that situation works.

I haven't seen anything to indicate that Waters is being counted as a cap hit this year.  Source?

Wasn't he only under contract until 2012? The Pats declared him as "did not report" ?

In response to NoMorePensionLooting's comment:

Ya, but I think that extended his contract a year.

His rights are still 'owned' by the Pats because he didn't report last year and I believe his contract just keeps rolling over. Because he didn't report I think his cap hit was removed for 2012. With a new league year it may return again for the off-season - not sure. He will not disappear from their 'books' until they cut him or he officially retires. With the top 51 being in force from Tuesday at 4:01 I don't think it really matters.

If you don't show up to work you don't get paid, at least that was my understanding of it.

BB is making sure he doesn't get a gig in the NFL unless the Patriots get compensation. So if Brian decides he would like to comeback in 2013 with say Houston for example then the only way he does this is by Houston trading for him. I think so long as he places him on the did not report list there is no charge against the cap!

In response to sportsbozo1's comment:

if this is true BB read Waters like a cheap novel.

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In response to wozzy's comment:

True, but if they paid him a bonus before he quit, they still need to count the bonus against the cap at some point. If Water's contract is still valid, maybe they are still accounting for his bonus against the cap?