JB's cap hit for this year is 21.3 Million. 7 million is in a guaranteed roster bonus. 5.5 million is in a pro-rated signing bonus.
Therefore he has a 12.5 Million dead cap hit but would save 8.875 million against the cap if cut.
It does not matter if he is cut pre or post June 1. That only matters for players who have more years on their contract after this year.
I don't know what the plan is to be honest. He's a lot of money for a backup, but at the same time 12.5 Million is a sunk cost anyways so think about it like you are paying 8.875 million for an experienced backup who's familiar with the players, coaches, and playbook. Still a little pricey but I believe Foles got like 7M to be the backup in Philly and that really paid off for them. So it wouldn't surprise me if Reich viewed it in a similar light and was willing to part with a few mil in extra cap space in order to have a good plan B.
The other thing is that it could be that he's staying on the roster until we draft a QB. (Because we might need him if the draft doesn't work out to us getting a QB.)
I wouldn't say I'm obsessing over him but he's no ordinary 3rd string QB and I think it undercuts your argument to act like he is. He has a great amount of physical talent. More than one draft source said his arm talent was comparable to the top end of the draft. (A draft which included Watson and Mahomes)
The negatives on him where size, reads, and character/maturity
Size you can't do anything about but there are several players whom it has not stopped.
Reads can be learned and worked on.
Character/maturity was the biggest thing that held him back. And it should be noted that character means more when to comes to QB than any other position. And that is a big reason that Kelly found himself out of the NFL for a while.
The idea being that IF Kelly has grown up he likely has the physical talent to be a franchise QB. Does that mean he necessarily will? No. We can't even say for sure that he has grown up, only time will tell.
I don't know if Kelly is the answer. But at the same time I think it's off to pretend like he's an ordinary 3rd string/backup.