I say both of those scenarios would be a mistake. Yes, the Bucs would free up $16 million in salary-cap space if Revis wasn’t on their roster, and that’s significant. But it’s not like the Bucs are desperate for cap room. They already are more than $24 million under the cap.
Parting ways with Revis would allow the Bucs to overhaul just about any area they want. But if they let Revis go, they’ll have to do something fairly significant at cornerback. They’ll probably have to sign two free-agent cornerbacks.
That’s two more than if they were to simply keep Revis, the scenario I like. Sure, the Bucs would be on the hook for the full $16 million. But they also would have one of the best cornerbacks in the league on their roster, and there's a lot to be said for that.
Take away Revis and, on paper, the Bucs aren’t as good a team as they would be with the cornerback.