With the 2014 salary cap now projected to be in the $132-133 million range, ESPN.com's Kevin Seifert put together a handy 32-team chart that provides a snapshot of where each team stands.
What it shows specific to the Patriots is that they are closer to the bottom of the NFL in terms of space (projected $9.5 million). In Seifert's chart, the Patriots currently rank 24th in terms of cap space.
So for those expecting big-money signings in free agency, that doesn't seem likely based on the team's cap situation.
As has been noted in the past, one thing to keep in mind is that salary-cap space is fluid; a team can make a series of roster moves and create more space. So what the snapshot might look like today could be dramatically different tomorrow.
Still, any Patriots moves wouldn't be enough to jump into the top tier of NFL cap space. It would just create some more breathing room.