I touched on this in another thread yesterday. It frees up substantial money, however, Reyes alone will see a $6M increase, and a few others see smaller increases not counting the arb eligible guys. It still leaves substantial money, however if we want Cabrera back which I am assuming management will, he is going to require a sizeable increase, probably $15M per. Plus I'm betting AA resigns Janssen as well, especially since I can't envision him exercising Santos option unless he comes back soon and dominates the rest of the season.
After that there isn't going to be that much left to address other holes unless AA gets creative with the contracts. The following two seasons will continue to see more payroll come off the books, so he may end up signing some back loaded contracts.