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And if it's a straight contract, say $1000 for a LB you thought was a DL, you can cut him post draft and replace him for a 1k DL without any cap hit?
Long answer: Under the current rules, you would have to wait until the season to cut him as everyone carries 1 year of guaranteed salary until then. However, coincidentally, ab and I discussed this yesterday and if the draft finishes early enough and year and development squad designations get done, we'll relax that rule and run some blind bind and FCFS waivers in the weeks leading up to the season with usual cap hits (ie the bonus amount*years).
Short answer: Yes, contingent on the draft finishing in a timely manner.