Yes he might get a release but guess what, ANY club that signs him knows that Manly are up sh*t creek and therefore Manly will need to pay the bulk of his contract which is then still covered under the cap.
Your not going to get the quick fix that you think, you might free up 80-100k, which will not be enough to even talk to Lyon.
You will need to cut a big name other than Monaghan because other clubs know Manly WILL pay to get rid of him.
Bye Bye Kennedy in 07 I'd say, and then see how much performance you get out of your pack.