There are different ways teams can go about freeing up cap space but the standard veteran cuts prior to June 1 is the most common. There are also cuts that can be made after June 1st but teams can only designate two players per season to qualify for that designation. In addition, teams and players will negotiate extensions or restructure their current contracts in order to keep the player and lower their current cap figure. That can get complicated and difficult to assess. 

Below are in my opinion the likeliest candidates to be released or potentially traded prior to June 1st in order to maximize cap savings. This doesn’t mean I believe they all will get cut but these are the likeliest considerations absent some sort of contract restructure.