If you cut the following players this is what we will save:
Tebucky Jones - $6.2 million
Reggie Howard - $1.0 million
Junior Seau - $2.6 million
Damian McIntosh - $4.3 million
Gus Frerotte - $4.3 million(Probably will be released if we sign a FA QB)
Thos five players alone will give us $18.4 million, which according to your PFW link will put us $13.4 million under the cap.
Then you have to add in the fact that both Jason Taylor and Zach Thomas are going to restructure and the idea that Madison will either be traded or released. Plus, I am sure there will be some other minor cuts that will save us some room. When all is said and done, we will probably have $18-$20 million in cap space.