Today all contracts are guaranteed, so whatever salary is contracted will be paid, regardless of whether a team cuts a player.
1 Paragraph 7(e) of the standard player contract specifically states that if the club terminates the contract it shall be obligated to continue to pay the player the balance of the salary set forth in the contract. This is backed up by the collective bargaining agreement, which specifically mentions termination conditions. If the club terminates a player contract the termination pay due a player is equal to the unpaid balance of the contracted salary. In short, this means that all contracts are now guaranteed, whether or not the team cuts the player.