Just depends on the structure. We only had $1.8M in cap space to begin with, which isn't really even enough to account for injuries. Maybe this creates some space, but I doubt it adds more than like maybe $2-3M, at most. Also possible they just tacked the full extension onto next year, so maybe its all $6M next year.
Edit: as I look at Snead's current contract, I think the most cap space you could create from this extension is about $1.2M.
If I'm correct, and we should know tomorrow, you're only sitting only $3M in cap space for the trade deadilne.
That's basically nothing, and not close to being able to acquire really anybody of notable contract value.
This extension, to me, looks to just be locking up a player for another year without letting him test the FA market.