I wouldn't hold my breath on FA. I suspect they will do what they've done the last few years - hit the bargain bin for low cost chumps they think they can mold into something.
I am now firmly in the "I'll believe it when I see it" camp when it comes this FO and FA.
Regarding free agency, it is less important how much cap space we have than how much cap space we have in relation to other teams.
Even with cap space, we are always near in bottom of the league when compared to everybody else. On the off chance we are interested in a free agent, we will often be outbid by somebody else. Eric Weddle immediately comes to mind.
It would be great if the team were more aggressive in free agency. But in a lot of cases, when other teams are also interested in somebody, they will be in a position to outbid us.