THOUGHTS
1) We are about even with the cap at this point. If nothing happens, we can sign our draft choices and have the reserves we need to start the season. Of course, we are still free to sign free agents now, and make up for the cap money later.
2) Some of the extensions are major pluses since they ADD cap space (Hightower, Sheard). There may be more extensions in this category (Branch? Ninkovich? Cooper? Vollmer?). Clearly, these extensions are a priority.
3) There is relatively little reasonable room for cutting/restructuring players to create space, without creating holes. I certainly agree that the 3 Miguel suggests are possibilities: Amendola, Cannon and Jones. I expect all three to sign renegotiated contracts. BTW, I'm in the small minority here. I think that Cannon might be extended. I believe that Scar considers him an adequate backup. Of course, after seeing Waddle a lot more, he might be OK with Waddle instead.
4) I expect us to continue to make minor signings like Kuhn. I expect to see a CB, OG, LB, and a RB or two. This could happen at any time, including during camp. This is simply business as usual. I don't expect any major signings at this point. We also could see a minor trade or two. Trading a 6th for a player could be more successful than drafting a player in the 6th.
5) The elephants in the room are the contracts of Butler and Collins. Obviously, as fans, we want to sign these players. The players may choose to wait, with the hope of more money that the patriots are prepared to offer. Their next contract is a HUGE opportunity for both players.