Cutting Moulds will save $4.522M. And considering neither Givens nor Bryant are top-flight WR's, they shouldn't count for more than $2.5M against the cap next year (that's cap number, not necessarily contract per-year average).
As for Pickett, I'd rather get a NT like Washington, who will be cheaper and just as effective, if not moreso. I looked at the Bears' defense and they use a NT and a DT, and Washington and Adams would fit the Bills. Ngata would be ideal there as well. While it's not ideal to have to old guys in the middle, with Ngata and Anderson being in the rotation, it's a good way to go and feasible, and there are other needs (read: O-line) that need to be addressed with bigger-name/money players.