Becasue the teams doing the biggest cutting, Denver and Miami, are way over the cap and will have to cut even with a new CBA.
Other teams are dropping deadwood, and vets on the last (phony) year of their contract. Happens every year a couple days before the start of the year. That's where some of those those prize free agents come from.
Then there's this:
.... Per a league source, the per-team limit will be $94.53 million. There's a possibility, however, that the number will move to $98 million, pending the outcome of a grievance relating to certain television money.
If the CBA is extended before Friday, the cap will definitely shoot past $100 million, and possibly past $105 million.