I think we should wait just a little for the full analysis as the final details ($$, other players), but a couple thoughts before the specifics.
1) In this thread and in the Cobb thread, there is a narrative that this is a trade, not a salary dump (as if it's not tied to other recent cost savings moves). I feel confident saying it's a salary dump and you have to trade him to execute it.
2) I think it's likely that every team has their own internal metrics on value and you have to (largely) meet them to make a trade. If the Angels view him as a "7M pitcher", you have to get him to 7M. remember, the Angels are a team that has engaged in dumping prospects with bad contracts recently.
3) We don't know the details yet, but I'd guess what the Orioles are saving is all in the 2021 salary, not the deferred money. So if the Orioles are eating 8M (half+ of 15M), then they are eating the 4.5M deferred and 3.5M in 2021, which saves them 7M in 2021.
4) IF the Orioles are eating the deferred money, then they have all 20M on the books for Cobb through 2032. The 1.8M deferrals are basically inconsequential, but they will be accounted for over the next decade+.
5) The ties to former players/coaches is interesting. Maddon was his Manager in TB, Bundy and Iglesias recently team-mates. I think it's entirely reasonable that these guys campaigned their FO to add Cobb as an undervalued asset.
Jahmai Jones appears to be the centerpiece of the deal, so a couple things there...
6) Jones is an example of targeting depth to feel better about the return. The Angels don't care about giving him up. They have David Fletcher (.801) OPS in 2020 with 4 years of control and Franklin Barreto (former top prospect also) who is also TC3 but is out of options...so he has to be on the 26 (27? 28?) man roster. They also have a recent top prospect like Luis Rengifo (also TC3) that has 2 options remaining. Additionally, their top 30 is over-run with middle infielders. The new list on mlb.com isn't out yet but you have guys like Jeremiah Jackson and Kyren Paris sitting in their top 5, D'Shawn Knowles and Arol Vera sitting also sitting in their top 10 and 5 more guys like Soto, Maitan, Placencia, Bonilla and Blakely in their top 30.
In other words, a guy like Jones has zero impact now or later on winning for the Angels so if you can burn him on a move that improves your opportunity (now or later), it's an easy call. They were also able to trade him before some of the new lists came out which would have likely ranked him lower. You can leverage the perspective.
7) Jones was already on the 40 and he has 2 options remaining, so he's certainly heading for AAA, at least to start 2021.