It'll depend how they use that 'cap value'. For example, if by cutting Colon & signing Foster the Steelers are then able to sign Steven Jackson, then it's cap value well spent. You can handle a slight downgrade at OG, if it means a significant upgrade at RB.
But if Colon is cut to make way for.... Joe average, then your point is very valid. As it stands, it's just a downgrade in ability.
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