Walmart offers the Sony PlayStation 4 500GB Gaming Console, model no. 10034PS, for $399.99 with free shipping. (Amazon offers it for the same price.) Outside of bundles, that's the lowest total price we could find by $120. It includes the system, a DUALSHOCK 4 wireless controller, wired headset, and cables.
Update: It's now out of stock at Walmart; however, Amazon still offers it for $399.99 with free shipping.