That answers the question of will he be released. Answer: NO.
Is there a trade deal in place? Or is JS currently looking for a trade deal? Could be.
Will they try to renegotiate to save money? If a deal between Geno and JS isn't already in place, I doubt it. Geno now has all the leverage, and it would just be insulting your QB with no upside. Judging by Geno's tweet, I doubt a deal is already in place.
A restructure is possible, but the only effect would be to borrow ~5M in 2025 cap to use in 2024.
In NFL parlance, a restructure is converting salary to bonus to push cap forward. Anything else is a renegotiation.