Basically a signing bonus is payable in full where base salary is averaged out to a daily cost and paid out daily. Since cap is tracked daily and we are in Day 101 of 192, the $350K only gets spread out over 91 days instead of 192 and thus the daily amount of $3846.15 over 192 is equivalent to 738K annually. However, since there are only 91 days left the annual cap hit of $1.7M really just equates to $823K in actual cap hit.
If we were to stay below the cap that's the real amount of cap space he'd burn. Unfortunately when in LTIR though, it's a bit more convoluted and the impact is more significant (ie. the full amount, thus the old Hollandism "dollar in dollar out").
