I've done a post on this topic before but this is my updated version and with the new league year coming up and FA about to start I though it was woth getting into our Cap situation once again.
Our cap number right now is around 128 mil from (overthecap.com) but they didn't factor in the 4 mil rollover from last year so we're really at 124 mil. with the cap being set at 123.5 mil as of today we're only around 500,000 over the cap.
Kelly and Seymour (May already be cut and is factured into the cap number above.) are the only guys I would cut outright with Kelly saving us around 5 mil for our cap.
Restructures/reworked/extend contracts would be Palmer, DHB, Huff and Branch.
Palmer has a 13 mil cap hit. I would want to rework his contract and pay him around 8 mil a year saving us 5 mil.
DHB has a 7.7 mil cap hit. I would like to see him extended about 4 years and pay him around 2-3 mil as a very good #2 WR who could still become a #1WR. If he did take a reworked contract we could save around 4-5 mil.
Huff has about a 11 mil cap hit and Branch 11 mil cap hit. They should both be restuctured IMO. between the two of them one would think we could find another 8-12 mil if they both restructure.
We could probably save 18-22 mil for the cap by restructuring, reworking and extending these contracts if the players are willing to do it. All of that along with cutting Kelly would put us around 22-27 mil under the cap and give us a lot more leeway to sign good/better FAs than we were able to sign last year not to mention our own FAs. Plus put us in a better situation for the cap in 2014.
All my info came from Rotoworld.com and overthecapcom.