Ok, I've done a little work on the my own to try to figure out our current cap number. I used alot of what Joe has, but also added a few things.
Note) Wells salary is an estimate. It could very easily be backloaded which would reduce his number this year.
To figure cap hit for cutting players multiply years left on contract by bonus amount and then subtract this number from 2006 cap hit. If you get a positive number it is a cap savings, if you get a negative number it shows a larger cap hit
Ex) Marcel Shipp hit is 1,862,000 (Salary + bonus). He has 1 year left X 437,000 bonus. Caphit (new) = Caphit (old) - (years x bonus), or 1,862,000 - 437,000 = 1,425,000 savings.
Ex) Antrell Rolle hit is 3,050,000 (Salary + bonus). He has 5 years left X 2,700,000 bonus. Caphit (new) = Caphit (old) - (years X bonus), or 3,050,000 - 13,500,000 = -10,450,000 caphit.
I figure 2.8 million in available capspace, but there probably will be significant cuts (Shipp, Griffith, Hodgins, for example). Also we could restructure Big and clear a couple million easily. I also think we should try to extend Dansby 5 years if we can. Not a whole lot to work with, the James, Wells, and Bigs contracts ate us up this year.