Salary Cap Update (4/30/2012) -- $1,680,856 under
Update (4/30/2012) -- After signing Jeremy Parnell to a three-year contract and before handing out UDFA bonuses, we are $1,680,856 under the cap. The UDFA bonuses will count no more than $25,000 against this year's cap. Also, our standard offseason workout bonuses should hit the cap soon. With 60 players under contract, that should use about $334,800 of cap room -- the actual number will be adjusted after the workout program ends, based on who missed any days.
The rookie pool has not been announced, but if it did not increase or increased very little from last year, our rookie pool should be set at about $5.64 million. If so, then signing all of our rookies would use up no more than $2.685 million of cap room. It should be noted that trading up for Claiborne increased the offseason cap cost of our rookies by about $880,000.
Finally, remember that Terence Newman's base salary comes off the books on June 2, which will give us $6.016 million more cap room. None of our draft picks will need to be signed before then.