From what I can see...
I we cut him prior to June 1, he will have a $16.77M cap charge instead of $13.59M. That extra $3.18M (which we don't really have, that's why we are discussing cutting him) would save cap hits of $14.09M and $14.59M in 2015 and 2016 respectively.
If we cut him after June 1, we will have a cap charge of $5.59M in 2014, a savings of $8M. The 2015 cap hit would be $11.18M, a savings of $2.91M, and the full savings of $14.59M in 2016.
The thing is, as far as I can recall, the Steelers have never released a young player who earns this kind of money with so many years remaining on his deal. I don't see it happening. The two names I'd look out for are Miller and Polamalu.