Maybe but....
These have probably changed in the last few days with teams cutting players to free up space and teams like Buffalo resigning some players but with that many teams having that much space I think fiscal responsibility will be forgotten in lieu of winning now, especially for some of the bottom feeders who have coaches and GMs who need to win now.
1 San Francisco 49ers $42.1 M
2 Arizona Cardinals $36.7 M
3 Tennessee Titans $36 M
4 Cleveland Browns $33.305 M
5 Buffalo Bills $32 M
6 St. Louis Rams $31.98 M
7 Minnesota Vikings $31.5 M
8 Jacksonville Jaguars $31 M
9 Cincinnati Bengals $28.8 M
10 NY Jets $28.455 M
11 Green Bay Packers $28.36 M
12 Chicago Bears $26.9 M
13 New Orleans Saints $26 M
14 San Diego Chargers $24.6 M
15 Tampa Bay Buccaneers $23.985 M
16 Detroit Lions $23.8 M
17 Seattle Seahawks $21.9 M
18 Dallas Cowboys $21.5 M
19 Houston Texans $19.8 M
20 New England Patriots $19 M
21 Miami Dolphins $17.8 M
22 NY Giants $15.7 M
23 Oakland Raiders $14.105 M
24 Atlanta Falcons $11.5 M
25 Philadelphia Eagles $9.5 M
26 Kansas City Chiefs $7 M
27 Baltimore Ravens $5.7 M
28 Indianapolis Colts $4.9 M
29 Denver Broncos $4.73569 M
30 Pittsburgh Steelers $3.3 M
31 Washington Redskins $-2.388 M
32 Carolina Panthers $-2.5 M
Those figures look like the Ask the Commish site figures that were off even when they were posted in January. Clayton's latest were from mid February, though teams like Indy and Baltimore have made some cap moves since and teams like us and the JETS had yet to account for things like franchising Samuel and paying Noodle's $9M in achieved incentives from 2006.
Under the salary cap
Team Cap status (under)
Arizona Cardinals $32.1 million
Atlanta Falcons $3.8 million
Baltimore Ravens $3.3 million
Buffalo Bills $33 million
Carolina Panthers $1.8 million
Chicago Bears $16.8 million
Cincinnati Bengals $18.7 million
Cleveland Browns $26.2 million
Dallas Cowboys $18.2 million
Denver Broncos $2.6 million
Detroit Lions $15.6 million
Green Bay Packers $24.1 million
Houston Texans $16.65 million
Indianapolis Colts $200,000
Jacksonville Jaguars $21.6 million
Kansas City Chiefs $5.1 million
Miami Dolphins $13.1 million
Minnesota Vikings $12.2 million
New England Patriots $26.9 million
New Orleans Saints $21.9 million
New York Giants $9.4 million
New York Jets $20.8 million
Oakland Raiders $6.2 million
Philadelphia Eagles $3.6 million
Pittsburgh Steelers $3.1 million
St. Louis Rams $22.9 million
San Diego Chargers $21.4 million
San Francisco 49ers $37.5 million
Seattle Seahawks $17.2 million
Tampa Bay Buccaneers $15 million
Tennessee Titans $37 million
Washington Redskins $4.3 million
http://sports.espn.go.com/nfl/news/story?id=2762784
And cap space is only half of the equation. Teams need the cash to pay the bonus money to get the deals done. In not trying to sign their own Buffalo for one seems to be saying they aren't up for spending even with tons of cap space.