Yes, and as the Dodgers have shown even when a team is underwater on a contract you can simply package a bunch of dead weight to another club that will be happy to take veterans at half price.
'14 Matt Kemp and 25 million dollars to SD for Grandal, Eflin and others.
'16 Matt Kemp and another 16 million dollars from the Padres to ATL.
'18 Matt Kemp back to LAD from ATL for McCarthy (7 million) Kazmir (17 million), Adrian Gonzalez (44 million) et al.
Then '19 Kemp, Puig, Alex Wood, and Kyle Farmer to CIN for Homer Bailey, Josiah Gray, and Jeter Downs.
If you follow all that, LAD had a terrible contract with Matt Kemp, were able to unload him and cash on SD, getting real players back. Then re-acquired Kemp's contract at a discount, while unloading another 68 million in bad contracts of their own, then picking up two prospects in an otherwise garbage for garbage swap with the Reds.