LaCanfora: Panthers Currently Have $1.3M in Cap Space

Jason LaCanfora is citing league sources with updated cap figures for all 32 teams as of 12:01 AM today.

(Note: This does not include any cap penalties against Dallas or Washington and does not account for releases and restructurings completed Monday. Those numbers will be figured in Tuesday, along with additional cuts and contracts.)

Arizona: -$13.7M (they’re over), Atlanta: $7M, Baltimore: $13M, Buffalo: $23M, Carolina: $1.3M, Chicago: $23.5M, Cincinnati: $39M, Cleveland: $15M, Dallas: -$2.7M (they’re over), Denver: $42.3M, Detroit: -$7.3M (they’re over), Green Bay: $5.6M, Houston: $615,000, Indinapolis: $13.1M, Jacksonville: $34.5M, Kansas City: $22.3M, Miami: $9.8M, Minnesota: $24M, New England: $15.5M, New Orleans: $6M, New York Giants: $1.6M, New York Jets: $13M, Oakland: $640,000, Philadelphia: $13.9M, Pittsburgh: $1.8M, San Diego: $16.3M, Seattle: $27.7M, San Francisco: $20.7M, St. Louis: $9.8M, Tampa Bay: $44.9M, Tennessee: $25.1M, Washington: $16.4M

Perhaps the reason we haven't heard any news about cuts/restructures being made is because the Panthers don't have any reason to rush since they're already under the cap. I'm sure the team will still restructure Thomas Davis, will probably restructure Travelle Wharton, and may restructure Steve Smith to help make more cap room to sign draft picks and any free agents on the team's radar. Also, we can probably expect to see several cuts made, with Jimmy Clausen and Jason Baker being the two most likely candidates.

LaCanfora also reported today that 28 teams (Panthers included) will be beneficiaries of extra cap space from the penalties handed down to the Redskins and Cowboys for salary cap infractions.

LaCanfora:

The league has yet to alert NFL teams of the specific cap penalties to Dallas and Washington, according to league sources.

Teams were sent a memo, however, saying that the NFL Management Council and the NFL Players Association entered into an arrangement on March 11 that resulted in $1.643 million in additional cap space being awarded to every team except for Dallas, Washington, New Orleans and Oakland.

The other 28 teams must notify the NFL by 4 p.m. ET Tuesday, whether they are taking that cap credit in 2012 or using it toward 2013.

According to my calculations (and note that I'm not a mathematician), the Panthers will have almost $3M ($2.943M to be exact) in cap space before cutting or restructuring a single player. This is good news, as this confirms that the Panthers' cap situation isn't as dire as we once thought it was. I guess Hurney is pretty good at this numbers crunching thing after all.

Stay tuned to CSR for any breaking news on player transactions, as we will provide any information that comes available.

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