[Burt the Butcher]

Correct Chuck...here is the pertinent sections from the Rule Book:

Contract years expire on March 31st each year at midnight. Beginning April 1, all players who had only one year remaining on their contracts become either Free Agents or Restricted Free Agents. Players with expired contracts can be re-signed by their original team under the terms outlined in the Restricted Free Agent rules (see Item 9C below). All other players have their contracts reduced by one year. At the same time, all teams recover any salary encumbered by players waived during the year.
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There will be a SOFT CAP period that runs from November 1 through March 31 each season. Players released during the SOFT CAP period will have their cap penalty divided equally between the current season and the next season.

A HARD CAP period will ensue from April 1 each season (the beginning of the next season and new contracts) through October 31 each year. Teams will be assessed a cap penalty as described above for players released during this timespan.
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Taxi Squad players entering their 4th season of NFL experience are considered part of the active squad as of April 1st of the year in which they will be starting their 4th season. They are automatically promoted to active on April 1st.