You need to be careful with your numbers.
According to Miguel's latest analysis, the Pats are $7,338,069 under the adjusted cap:
- They have $123,639,131 in commitments : $117,955,660 in salary and bonuses plus $5,683,721 in dead money.
- Miguel estimates their adjusted cap figure at $130,977,739, based on a projected league-wide cap of $126.3M plus $570,649 in adjustments and $4,106,801 carry-over from 2013.
2014 Patriots Salary Cap Picture ? 1/25/2014 Update atriots Salary Cap
Some money needs to be used for the rookie contracts based on the NFL allocation, for a PS, and for contingency funds. MgTeich suggested a number of $6M for all of those needs; it could be less if you assume that there will be some money saved from cut-downs. Some capologists have also suggested that the league-wide number could come in around $2M higher; until the league announces the true number in a month or so we won't know, but I'm guessing the Pats will start with under $5M to spend on free agency - including our own re-signings - prior to any cuts or re-structures.
The numbers that you cite for savings on different players are higher than most of Miguel's numbers. I know that some sites like Spotrac and Overthecap.com list higher figures, and I'm not a apologist, but I would be cautious about over-estimating how much money can be saved:
- Adrian Wilson: you list $1.2M, Miguel lists $671K.
- Dan Connolly: you list $3M, Miguel lists $2.5M.
- Isaac Sapoaga: you list $2.5M, Miguel lists $2.005M.
- Steve Gregory: you list $3M, Miguel lists $2.23M.
The difference just for those 4 players between your numbers and Miguel's is around $2.2M. It adds up.
Wilfork's number will almost certainly be lower, whether via re-structure or outright cut; in the latter case, a FA replacement may need to be found. Extending a guy who has a potential career-threatening injury may not be a wise move.
Extensions for Devin McCourty, Matt Slater and Stephen Gostkowski could free up some money. I would personally be cautious about re-structuring Mankins, as it would just make it harder for the team to move on in 2015 if that ends up being their preference.
We can probably get into the $15M+ range in 2014 cap space to spend on FAs, but that may need to account for re-signing Talib or a replacement, Edelman or a replacement, Wendell or a replacement, Blount or a replacement, plus some smaller signings (Fletcher, Aiken, Svitek or a replacement). It's not a lavish situation.