Yes, as also pointed out by ESP47. It wouldn't be a decision we would have to make right away, we could wait until the end of training camp, really. We would also have an opportunity to make another trade in the meantime to clear roster space.
Another note: we couldn't make a Hayes for Faried+#14 deal until after July 1st - we won't have the salary cap space to do it until then. But if you line it up in advance and have Denver draft for you, that's totally kosher.
That's true, but if, at that point, we are talking about cutting from 16 down to 15, then we don't have a roster spot to stick a free agent into anyway. That set of moves (Shumpert+Temple both opt in, Hayes for Faried+#14, draft and sign #2/14/36, cut ZBo or Faried) would leave us pretty much near the salary cap, for what it's worth.