NFC South cap space update

I’ve got the latest salary-cap figures for the NFC South teams.

In addition to the recent moves, there also have been some minor adjustments to allow for offseason workouts. Let’s take a look at where each team stands.

The Atlanta Falcons are $5.77 million under the cap. That’s more than enough room to get defensive end Osi Umenyiora signed, which sounds like something the Falcons are working on. Even if they add Umenyiora, they still might have enough room to re-sign cornerback Brent Grimes, depending on how the deals are structured.

The number on the Carolina Panthers isn’t completely current because the contract for defensive tackle Dwan Edwards has yet to be processed. But prior to the Edwards deal, the team was only $787,500 under the cap. Edwards’ deal may be worth slightly more than that. But the Panthers still could be under the cap because the Edwards deal simply would reshuffle the top 51 salaries. It also is possible the Panthers took advantage of the veteran minimum benefit to re-sign Edwards. Whatever, the Panthers are going to have to restructure some more contracts as the draft gets closer because they’ll need enough cap space to sign their draft picks.

The New Orleans Saints are about $1.85 million under the cap, which may or may not be enough to fit cornerback Nnamdi Asomugha, if he decides to join the team.. The Saints have been very creative with the cap so far. But the bad news is they’re running out of contracts to restructure.

The Tampa Bay Buccaneers continue to hold a commanding lead on the rest of the NFC South when it comes to cap space. They’re $27 million under and that could grow by $7.75 million if the team releases cornerback Eric Wright.