As I have said many times since yesterday, Carr saying he won't take a pay cut doesn't mean that he won't take a pay cut. I'm not saying he will but if his agent looks around the league and sees that if he gets cut there won't be money anywhere close to what he would make with the Satins even with a pay cut, he might reconsider.
Is it likely? Probably not, but I do think it's still on the tabel.
And even with the restructure there are ways for them to get cap compliant without restructuring all of Carr's current salary so it's possible it won't be as bad as we fear even if all they do is the normal conversion of salary to bonus.