Rolle's contract will essentially be terminated with one season remaining once the Cardinals decline to pay the bonus this week;
Rolle will then be subject to waivers, according to an NFL general manager I consulted during Super Bowl week (I have heard debate on this);
Rolle will be able to sign with another team once he clears waivers;
Rolle will not qualify as an unrestricted free agent, an important distinction for a few reasons: teams that lose UFAs can qualify for compensatory draft choices a year later; Final Eight teams can become eligible to sign UFAs from other teams with less restrictions; and UFAs with Rolle's level of experience would revert to restricted free agents in an uncapped year;
The free-agent market could be severely depressed this offseason, so it's unclear how much Rolle might command once he clears waivers.
I have not seen the language in Rolle's contract, but I asked him about it after the Pro Bowl in Miami and this is what he said: "Something has to be done by March 1 or else I become a free agent. Everything is going to take care of itself. It has to."
I'm about to board a connecting flight in Chicago. Enjoy your Sunday.
Update: Darren Urban of azcardinals.com says the bonus date is Thursday.