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Isn't this the last year of his contract?
No, he was a 1st round pick, he got a 5 year deal.
Patrick Robinson Contract, Salaries, and Transactions
As with most first round picks, the majority of the salary was guaranteed.
The way the NFL is set up now, there is almost never reason to dump a rookie contract unless the player is simply so bad they don't have a roster spot. This applies to Mark Ingram as well, FYI.