Let's organize some quick facts. Adam Archuleta is owed a 5M dollar option that, if unexcercised, turns 5.6M in '07, '08, and '09 salary into guaranteed money. Per the Post his agent already said the team is going to wheel and deal him:
Even if the Redskins do not excercise the bonus (thus guaranteeing 5.6M of his contract), Archuleta has a Roster Bonus in '07 meaning there really isn't any way to cut him for less than 9+M. Keeping him would cost the team 6.4M (more on that in a bit) in '07. Per the Post, his agent will not negotiate a pay cut to facilitate a move:
In light of that I still say we refuse to excercise the option and keep him on the team. His salary hits through 4 years of the deal would now be 1.6M in '06, 6.4M in '07 (per the Post, I don't know how they reached this number), somewhere in the 3-4M range in '08, and somewhere in the 5-6M range in '09. That's a hefty price, no doubt, but if we can get Archuleta on the field I don't think 4M plus change per year is prohibitively expensive, if we view his contract holistically.
The question is whether the team can afford to keep him this year and I would view the cutting of Archuleta as monumentally short sighted, as we'd essentially be taking a substantial hit next year -- likely higher than the 6.4M we'd be paying him to actually play this year. And if the team can't afford to pay Archuleta 6.4M to play in Washington in '07, then I hardly understand why they can afford to cut him immediately (which will cost around 9M in dead cap space this year).
The Adam Archuleta scenario is developing quickly as the postponed deadline is the day after tomorrow. As soon as the team makes a move one way or the other I will post it here. Check out Windy City Gridiron for their thoughts as well, since that's where Archuleta is most likely ending up if not in Washington.