Yup, he would have to clear re-entry waivers.
However, you're only 2 millions over the cap, so why letting go someone who makes 5.2 millions, furthermore one of your top players?
You'd better clear just 2 millions, and then eventually make trades to have some more room under the cap if you want to. Check who's the less usefull player in your team that makes over 2 millions, and then try to ship him away...or waive him if nobody's interested

You'll more easily ship out a player that counts for 2 millions toward the cap than one who counts 5.2M$. The reason is simple: as you're over the cap, the other team can't send you player(s) with high salaries, so they need to have enough cap room to take your player... Teams rarely have 5.2 millions under the cap
