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Dead cap space refers to the financial burden on a team's salary cap for players no longer contributing to the team, either due to trade or release. If a player with a significant signing bonus is traded, the dead cap space is calculated by prorating the remaining signing bonus. When a player is cut, the entire guaranteed amount becomes dead cap, showcasing the financial ramifications of these contract decisions.
A prime example highlights the case of Todd Gurley, who, after being released by the Los Angeles Rams, resulted in a dead cap hit of over $20 million, marking one of the largest in league history.