Seems like everyone loves the thought of the amount of cap money that we have to spend next year, but are ignoring a very important fact: Reggie is (quite correctly) very unlikely to spend it all on a few players. Why not? Because his job is not to build a team that may compete for a season or two, then head back into the cap hell that it just finally crawled out of, but to build a team that has flexibility as well as the ability to compete.
We will see some signings of solid players, maybe a 'name' but even that not a headliner, and continuing to build through the draft for the most part, because that is how you build a long-term team. We see it in Green Bay, in Pittsburgh, in New England, in New Orleans, and in Seattle; teams that contend on a regular basis that are (generally) not hamstrung by the cap.
Plus, there will be money spent on bringing back some of our FA's; like it or not, full scale roster turnover is not likely to happen again.
How I see our free agents shaking out:
McFadden, Stewart, Olawale, Ford, Mastrud, Hills (practice squad), Gurode (might be brought back, depending on who else signs) - gone
Jennings, Veldheer, Pashos, Barnes - brought back
Hunter, Jenkins, Chekwa, Ross - gone
Houston, Muir, Walker (probably), Sims, Porter, Adams, Burnett (maybe), Woodson, Young - brought back
That will be a chunk of that money right there; signing or trying to sign a couple of 'big name players' will leave us with the exact same problem that has been plaguing this team for years: no depth, and not enough talent across the board.
I expect that we will look at OG's like Incognito (although I think he may just stay in Miami), Wharton, or Boothe; kick the tires on C's like Mack and Spencer; I'd like to see Shaughnessy looked at for DE; DT like Marks or Branch; DB's like Browner, Bowman, or Marshall (this is where I expect the biggest name to come). As for QB, I think that they might roll the dice on Freeman, and look to the draft for a diamond in the rough. The positions of most need, through FA, I see as OG, DE/DT, QB, and DB, pretty much in that order.
The draft I see playing out somewhat differently, with DE/DT, QB, S, LB, OG/C, FB being the positions to see if we can address, but that is a different post...
Bottom line, though, is that we will spend this off-season; I'm just willing to bet that it will not be like drunken sailors like in the recent past, and that there will be plenty of people who complain that we didn't spend most everything we have.