This was mentioned when the story was bubbling under at the start of the season. £900K cut in salaries was mooted.
On the presumption that they're roughly £600k over based on the figures I'd heard when I told you that...
Axing £600k off the wage bill now is not as simple as releasing two players on £300k now, as the Salary Cap year started in July, so we're now a week into month seven, meaning out of that £600k they've already paid £312,500.
By my calculations by the end of this month they will need to reduce their annual wage bill by £1.44m in order to save £600k by the end of the season.
That gets really tricky as players will have clauses saying the club would have to pay up their contract or make good on loss of earnings and this is where clubs can really turn the screw. It's widely accepted that most clubs are now spending up to the cap, so even though they've had a bonus £490k, they can't actually spend it all on players. Therefore clubs could easily turn round and say "We'd love to sign Ben Spencer/Maro Itoje/Owen Farrell but can only spare £5k a month. Saracens would have to make up the shortfall.
Personally I'd expect their top four earners to agree to wave the final £150k of their salary owed, but I doubt this will appease supporters of other clubs.
They may well be forced to admit it can't be done satisfactorily and agree to a further fine and points deduction next season.