Think about this - before the restructure we either had to play him or do a post June 1 cut - for cap reasons. If we did either of those we would have had NO money for free agency. Re-structuring him gave us money for free agency.
What I don't know is how the restructure affects a post June 1 cut? If we found another QB could we still cut him after June 1 and NOT be in cap hell? Maybe a scenario like THIS is still on the table.....