I can see where you're coming from with the idea but I don't think this would work. The redistribution of coaching contracts is due to assistants making more than the coordinators and coordinators making more than the head coach. Redistributing it as stated in the link below doesn't change the budget but simply gives the HC more than the coordinators and the coordinators more than the positional coaches. This idea wouldn't work with players as no matter how you maneuvered the salaries of players it'd affect the salary cap regardless of whether the highest rated player was paid the most and the worst players are paid accordingly. What I think you're talking about is simply shedding salary from overpaid players that were signed simply to destroy the cap infrastructure, which also wouldn't work as preshead mentioned. Someone could easily exploit that option and the cap room would be completely useless as owners could sign FA's to max deals only to be able to cut their salary down to fit the cap. So, in my opinion, your idea of "redistributing" player contracts wouldn't work.
Link to JDB mentioning how redistributing coaching contracts simply reorganizes the salary into the correct order while NOT affecting budget that was previously allocated to the coaches:
https://paydirt.myfootballnow.com/community/3/5100?page=1#31049