two things - to get extra money, you'd need to cut the guy while at 5 or fewer scholarships. you don't get extra money for the 7th and on scholarships.
that said, the game will not let you cut down below 6 openings. so you don't really even have an option to cut a guy yet, but if you sign one soon, then you could cut one immediately after and you'd get a full scholarship of money for him (assuming you did not sign said player).