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They have to do something - Pats are only floating around $4.8m in cap space, still have to add their draft class, and I don't think that number even accounts for all of the known FA signings so far (even if they are likely small numbers). They'll need to free up several million dollars to sign anyone at this point. Hoyer should be fairly cheap but probably at least a couple million IMO. So I'd guess they need to create ~$10m at minimum to be able to sign Hoyer and Wolfe too (if that signing is really happening). Thuney extension makes sense but could also extend or release some other players. Not many though.
It's very likely they get a long term deal with Thuney done sooner than later. That will free up a ton of money. Not to mention the numerous things I mentioned they could do in the thread I created.
Ways for the Pats to create cap space
They could free up close to 19M by extending Thuney, Hightower and Gilmore. Which would be more than enough to sign Wolfe, Hoyer, and the draft class and still have plenty left over for injuries.