Would just releasing a player from their contract have an effect on FFP?

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I can see that you're from the UK, but this seems like a question motivated by US sports rules so I'm going to answer as such.

In the NFL, contracts are not fully guaranteed and you can release players to get out of the contract, so you see teams do this. In the NBA, almost all contracts are guaranteed and so you do not see teams do this.

The Prem is like the NBA, not the NFL, so there's no point in releasing a player to go elsewhere when you're stuck paying 100% of the contract anyway. The point of a loan (other than blooding young players) is to get someone else to take on part or all of that wage obligation.
 
To be honest, if I was in, for example, Cuco's shoes then I'd come in every day and take the money until the last minute and not lose a penny. At this point though, I think some are such a dead loss, that I'd tell them to just not bother coming in and their wage will be there regardless.

No point in making anyone's life a misery by making them come in to a dead end job where they ain't wanted, or having to spend time dealing with them which could be spent on players who are there long term or youngsters who would benefit from some guidance. Let them go find a new club or go to their homelands (if they're an overseas player) for a while if they want.

Good looking getting them to cancel their contracts.

Jack Rodwell agrees.
 
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