Bob Sanders won't be cut.
2010 Base salary: $2.275 million
This is the amount of real money the Colts can save by cutting him.
Outstanding Bonus Money: $7,355,000*
If you cut Bob Sanders next year (assuming there is a salary cap and that the rules are the same as before), it costs the team roughly $3,677,500 EACH of the next two years in cap space.
To keep him next year it costs just $4,184,166.
Cutting Bob Sanders only would save the Colts 500K in cap space and $2.275 million in real dollars.
In other words, you couldn't even resign Freddy Keiaho with the cap space you'd save. That's assuming there even is a cap, which is a massive assumption.
Bob Sanders is cheap next year.
He's not going anywhere. It makes zero sense to cut him at that price unless he actually retires from football or is dead.
*there might be play in the numbers based on types of bonuses and what the CBA ends up being, but the rough framework holds.