luther

We are at about $68.2 million right now. Next year, if we renounce our claims to any of our free agents, we will begin the offseason at about $55.1 million. While the cap is not yet set, it will probably be somewhere around $58 million, based on recent years' increases.

Our free-agents-to-be will have what is called a cap hold until we either sign them or renounce their rights. Telfair's alone would cap us out. And we have Smith, Gomes and Richard to deal with.

Had we not signed Jefferson to his extension before the season, we would have had about another $3.6 million to play with, based on the difference between what his cap hold would have been prior to us signing him and his actual contract now.

But basically, because we were really far over the cap, getting some "cap relief" from losing Ratliff's $11.7 million doesn't actually give us cap room. It just gets us less over the cap. This is why letting Ratliff's deal expire strikes me as less valuable than trading the contract for a player with that salary now. It isn't a now-or-later use of $11.7 million. We can trade for someone of that value now and keep that player, or we can let it expire...and still have no cap space, and thus not be able to sign anyone for more than the midlevel exception (just under $6 million).