One of the factors that hasn't really been mentioned yet about Pitta - and this obviously depends on the terms - is that becuase there's still $4.4M in dead money to deal with, there is "only" $3.3M in Cap savings involved if cut, which technically reduces to $2.76M after the Rule of 51 adjustment. So, if the paycut clears at least that $2.76M ($5.5M down to ~$2.75M), then - at least from a Salary Cap perspective - it's a wash for now. He can always be released later and if after June 1, then the balance of his reduced base salary will be saved.
And, if they had wanted to used a post-June 1 release on him, they wouldn't have seen any of the savings until after June 1, so that wouldn't have provided them anything at this time anyway.
So, essentially from a Cap perspective, this will probably, for the time being, be no different than if he was released.