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Well, they do get their signing bonus, that money is guaranteed. That cost just gets prorated throughout the length of the contract for salary cap purposes, but they get all that money upfront, so, generally that's a good reason to sign a huge contract.
The fact that players CAN be cut like that is kind of what makes the NFL better than some other leagues. In other leagues, a player can just do well in a contract year, then get a huge contract that's guaranteed money, and coast the rest of the way through it, they have no fear of losing out on the money or of getting cut, because they'll get their money regardless. So, I'm a fan of the salary cap, I think it hasn't hurt the NFL at all, and now that teams are getting good at managing it, it doesn't seem to really hurt anyone, except teams who are irresponsible and sign 12 free agents a year.
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