With some of the Patriots’ new contracts coming in, we have a better idea of where the Patriots are in regards to the cap.
As best we can tell, the Patriots now have $107,858,353 paid to their top 51 players for cap purposes.
The release of Brandon Lloyd saved the team $4.5 million against the cap this year, but cost them $2 million in dead cap space. Lloyd was not designated a June 1 cut, so the dead money goes on this year to give the Patriots a total of $6,514,529.
That means the Patriots have paid out $114,372,882.
With the 2012 cap carryover, they are operating on an adjusted cap of $129,656,344.
So the total remaining is approximately $15,283,462.
However, the Patriots should be budgeting anywhere from $8-12 million to save for draft picks, incentives, and any possible extensions they would like to do before free agency next year.
So in reality, the Patriots have about $3-7 million to toy with.