I don't think they are projected to be way over the cap but they do have issues becasue they have a lot of key free agents. Here is the list (* are starters):
Aaron Moorehead WR RFA
Brad Pyatt WR RFA
*Cato June LB RFA
*David Thornton LB UFA
*Edgerrin James RB UFA
*Gary Brackett LB RFA
Gerome Sapp S RFA
James Mungro FB UFA
Joseph Jefferson S UFA
Keith O'Neil LB RFA
Larry Tripplett DT UFA
Makoa Freitas OT RFA
Mike Vanderjagt PK UFA
*Raheem Brock DE UFA
*Reggie Wayne WR UFA
Rob Morris LB UFA
Robert Mathis DE RFA
Rocky Calmus LB UFA
Troy Walters WR UFA
So there entire LB core, Wayne, James and Brock. This is a team that has let LB Mike Peterson and LB Marcus Washington go in the past to keep the offense intact. They will let James go as they ran him into the ground this year. They will keep Wayne and try and replace 1-3 LBs.
They might be in big trouble.