This is somewhat pedantic, I admit, but they'll likely announce his release before the new league year begins but designate him as a post-June 1 cut. The reason for that is that Perry is due a roster bonus of about $5M if he's still on the roster after March 14. But releasing him before March 15 and designating him a post June 1 cut, they get the benefit of wiping that roster bonus off the books, but won't be able to wipe the rest of his salary off of their cap sheet until after June 1. That latter point is less consequential because his release on its own would pay for our draft class, which we won't have to actually put pen-to-paper on until after June 1 because we'll own their rights, anyway. But it helps in that it spreads the rest of his cap hit over two years instead of it escalating onto our 2019 cap.
In doing so, we can designate the rest of our cap space to pursuing FAs or re-signing our own guys without worrying about the ~$10M we need to set aside for our draft class. And it gives Perry the chance to go out and sign a FA deal, sooner.