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What this is really saying is that if the Patriots stayed exactly as they are, the cap would be exceeded. Already they have made cuts. but those cuts cannot become official until the free agent signing period opens. When FA open, the Patriots will immediately be $5M+ under the cap. The new cap number has not been announced and some expect it to be as high $159M.
Once BB decides how he wants to go in free agency, he'll commit a certain amount to sign the players he'd like. If they want more, he'll go to player "B", then to Player "C". If that doesn't work, he'll look for a player to draft in rounds 5,6,7. He will not overspend......................see Darrell Revis.
He'll also try to sign anyone on this team that he thinks will help win. If he can't he moves on.
Come Week 1, he'll be $5M under the cap just in case of injury.