The old salary cap was £6.4m + £600k
The new cap is £5m + £600k
Even if we were £1.5m short of the cap before, we're now right on the limit.
There's obviously a bit of a grey area for players whose contracts were signed before the announcement whereby only 75% of their salary is included, but that doesn't really do us any favours.
For example, let's say we released 2 players, one on £150k and the other on £300k (and let's assume neither are a marquee player)
If only 75% of their salary is included in the cap, then if we were to release them both, we'd only get 75% of their combined salaries of space in the cap. I.e. about £350k.
If the larger salary is currently a marquee, then we get no extra space at all in the cap from him if he leaves, and we'd only get the 75% of other one (i.e. about £110k based on the above figures)