The numbers are in for the most recent players the Raiders signed so now we can update the Raiders available salary cap space.
First, Matt Schaub re-did his contract to bring his base salary down from $10.93 million to a reported $9 million. He had no guaranteed money but his entire base salary would have counted against the cap if he were on the roster come the regular season. He now carries a cap hit of $8 million according to reports.
Charles Woodson re-signed last week but his numbers took a while to come out. His new one-year deal has a $1.15 million base salary which is down from last season. However, his deal carries more guaranteed money due in part to a $1.15 million signing bonus. Toss in a $200k workout bonus and an additional $1 million in incentives and you have a nice even cap number of $3.5 million
What that means is the Raiders are currently $14.7 million under the salary cap.
Of course, the team must leave room for the rookie pool, which is now projected to count $3.4 million against the cap based on figures from Overthecap.com.
This leaves the Raiders with an estimated $11.3 million still left to spend in free agency.
Remember, the Raiders basically must spend as much as they possibly can because with the 72% they used last year, they must spend 95% over the next three years. Add to it the $9.3 million in dead money they carry this year - which doesn't count towards the salary floor - they are up against it spend all available cap money.
With free agency winding down, the remaining players are going to come relatively cheap. The team still has enough money to add several players as free agents. Another option would be to extend the contracts of some current players, using up the cap space that way.