According to the report, the Dolphins would be between $7 million and $8 million over the projected $177 million salary cap for the top 51 contracts the NFL counts during the offseason.
Thomas spent just one season with the Dolphins after being acquired in a trade with the Jacksonville Jaguars. He had 41 receptions for 388 yards and three touchdowns for the Dolphins in 2017, but releasing him clears $6.6 million in cap space.
Timmons signed with Miami as a free agent in 2017, after spending 10 years with the Pittsburgh Steelers. Timmons went AWOL briefly before the season opener, but started all 14 games in which he played this past season. He started all 16 regular-season games for the Steelers each of the previous six seasons.
Waiving Timmons will save another $5.4 million in cap space.
The Herald report also noted the Dolphins might terminate the fifth-year option on tackle Ja'Wuan James' contract. That would create another $9.34 million in cap space.
Those three moves would save the Dolphins $21 million in cap space. That would put them about $11 million under the limit, but would leave them little room to maneuver in the free-agent market.
The Cleveland Browns, for example, are scheduled to open with about $110 million in cap space.