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If he's the best run stuffer in the league he is easily worth that. But, I don't think he's the best run stuffer in the league. At this point he's an average pass rusher and a very good run stuffer. He's probably overpaid a bit for what he does on the field, unless he bounces back and has a better year next year, but part of what he is paid for is his leadership qualities. Cam is also unfortunately still the best DE on the team so they really couldn't afford to let go of what he does on the field. Although, I will say that Granderson is close to Cam and may pass him up this year, but they don't really have anyone close to those two in reserve.
In addition to being their best DE despite his decline, they could not afford to let him go because they need all the leaders they can get on this team and at this point all they really have in terms of vocal leaders are Cam, Demario, and Mathieu. And all of them are getting close to the end of their careers. It's time for younger guys to step up into leadership roles. Normally, you count on your QB for a lot of that, but I don't think Carr is that guy.
In short, the Saints don't want to cut Cam. It's why they gave him a new contract last year. So whether or not they could cut him given the cap ramifications is really a moot point.
Exactly…people are upset about Cam’s contract/production and wanting him released because he’s declining, but I don’t think the Saints are ready to kick him out, even if it WAS feasible cap-wise.