The Pats can easily be ripe with plenty of cap space beyond this as Miguel as laid out. Odds are several cost cutting moves are destined whether the Pats need the cap money or not (cutting Chambers, Cannon, and possibly LaFell). And unfortunately, the Pats will have a lower need to allocate cap room to rookies with no first.
It will be interesting to see if the Pats are players in free agency. I don't see a huge splash marquee free agent, but I could see the Pats targeting a few second tier free agents.