What most have said is that the Saints wouldn't get the cap relief until June 1st. You lose the player as soon as you make the designation, but you don't get any cap relief until June 1st. It that's accurate, the Saints would effectively not have the cap space to sign or re-sign anyone else until June 1st. I don't think players are going to wait around that long on handshake agreements before getting the security of an actual binding contract.