According to  Pat Yasinskas the Panthers currently have $2.5 million in cap space when counting the top 51 and $13.7 million over the cap on the current training camp roster. 

Division breakdown after the jump

NFC South break down looks like this:

Top 51 Current Total

Panthers $2.5M under $13.7M over

Falcons   $1.18M under $13.1M over

Saints $2.7M under $13.4M over

Bucs $29M under $14.8M under

The Panthers appear to be in good shape once the roster is cut down to 53, and if  Kalil is signed to a long term contract this season we could see the cap space for another free agent investment.   Falcons and Saints look to be about the same place as the Panthers cap wise.  I don't know the rules regarding being below the cap, but the Buccaneers  may be in trouble if they don't start spending some money.

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