According to some article floating around the net (from Draftsharks.com, I believe), the Jags were about $16 million under the cap before these moves, so this was probably a good time to bite the bullet and get rid of these guys instead of designating them as "June 1st" cuts and spreading the cap hit over to 2010. Better to rip the band-aid off now then prolonging the pain.
Still, stupid, stupid moves in the first place. Heh, look at the Redskins fan throwing stones over here in my glass house.
I believe the June 1st cut rule was abolished starting this off season