I just started with a new team with a new season and a new class of 4 recruits. For next season I have 5 openings. There is one player recruited by Sim AI who is absolute garbage so I wanted to see that now the new season starts, if I rescind his scholarship, will I get 6 opening and increase in my scouting and recruiting budget accordingly for having not 5 but 6 opening (so for scouting now I have $35K + $4K * 5 openings = $55K, will it be $35K + $4K * 6 opening = $59K?)

You are stuck with "Sim recruit" from part 1 recruiting period until next year. If I am reading your question you will have only $51,000 since Sim has already filled one slot.

I think i wasn't clear. when i started coaching, it was right after the conclusion of the tournament games and few days before session 2 started, it was part of season 91. For season 91 I had 4 scholarships and I filled the roster by the conclusion of session 2. Now that season 92 just started, I have 5 seniors and hence 5 scholarships to offer, currently it shows I will have $55K in my budget for scouting. So my question is, my garbage player recruited by Sim AI who is a Sophmore, if i go ahead and rescind him, will I get the same benefits as 6 opening scholarships ($59K scouting budget, 140 AP, etc...)

Yes, in that case you are correct. I was not clear. You may also cut any additional player recruited by Sim, or other Coach with the same benefit. You also get a small Scouting bump as well for those cuts.