With Romo's new contract, the Cowboys have about 5M available cap space now and can free up more after June 1st (Cut of Spears and possibly Free and Livings). If they cut Free after June 1st they get 7M more under the cap. They get about 1.6M after June 1st due to Spears being a "designated" June 1st cut. The cost of draft picks is offset by the fact that they replace players already counting against the cap. The max required cap space for the draft picks will be 3M. That leaves 5M + 7M + 1.6M - 3M = 10.6M available after signing the draft picks. Summary: Should the Cowboys sign Spencer to a contract if they don't need the cap space that it would free up in 2013? They could keep Spencer on the Franchise tag this year. There is no reason that they couldn't sign him to a contract next year, if desired.