I would like to address the 4th point on the releasing of players (see below).
You may not bid on a player that you have released for a period of 30 days. If you resign a player, their original contract is restored.
What happens to the dead dollars that are being paid off by the team after they first cut the player. For example, I am paying 4m for Michael Young (original contract of 16m) in 2012 and 2013. What happens if he gets cut after the season, and I win him in FA? Would I then pay 16m on top of the 4m I was on the hook for after I released him or does he go back on the books for an even 16m and the 4m goes away?