The $10M chafes the heck out of my backside. Between the penalty, the whiff on Free, the franchise issue for Spencer and Tony's cap hit balloon, it's pretty obvious where the problems arose.
I ding the franchise for not getting Spencer deal done any of the last three offseasons (including this one). Otherwise, I think given how many of our veterans we have covered at key positions, and the fact that we had to splurge in FA for a handful of starters last year, our cap's about where you'd expect it to be. I don't consider it a particular sign of mismanagement that we're tight right now, and I even commend them somewhat on being able to squeeze in room to keep from losing Spencer outright.