We have plenty of cap money. It usually costs a net $6M to sign draft choices, PS, Player 52, Player 53, and keep an injury reserve. For example the #7 will cost about $2M and the 4th and beyond nothing. In any case, that money isn't needed until July. Even then, we won't need $6M. We can move some 2008 salaries into bonuses and save at least a couple of million of 2008 cap room.
The patriots are usually NOT active in the early free agent market (except for re-signings), since that is when players moving other teams have the opportunity to be overpaid. Last year was the exception.
That being said, right now I am most concerned about Gaffney. I'd like to see him in the fold soon. It is most likely that others will pay Moss much more than the patriots are willing to pay a wide receiver. That's a given. The patriots have our method of managing the cap and the draft. Other teams have theirs. There are very few teams that make it work by continuing to get value for their cap dollar, albeit with different strategies. We are one of those, arguably one of the two best (with the colts). The others are the steelers and san diego. There is a characteristic of teams that get value for their cap money: they are consistent winners!
The patriots have done better in managing the cap and in winning since Kraft got here, and certainly since Belichick, Pioli and Brady got here.