Before anyone starts spending all the savings, Miguel had us right up against the cap with a couple of signings pending before today (he had assumed we borrowed the $3M in cap exemptions we were so close). We may not (have chosen to) save all that much if Mankins got a deal that averages close to $8M. So we are back in good shape but it's not like we're swimmin' in cap... And Welker and possibly Branch and Mayo are up next (between now and the end of the season IMO).
Locking up Welker and Mayo while absorbing some of their cap hit this year, therefore giving us additional cap room next year, would be just fine by me.