Overthecap reckons we have $12.5m left. Minus the rookie salaries given our current picks and using the top 51 rule gives $10.8m. Minus a couple for EDC emergency mid season signings and we're looking at about $8.8m spending money. Makes sense that our Juju offer was about that!
Still, I prefer getting Watkins if it means we can get a decent vet pass rusher as well. I'll take the incremental wr improvement any day for our funky offense if it means we can pick up a C day one of the draft instead (who could say no to having 2 stud Humphreys in our roster?)
RSR has effective cap space at pretty close to scratch.
$12.5M in space left.
Rookie draft class costs ~$2M
Rule of 51 ending costs - ~$1.3M
Practice Squad - ~$2M
So that would bring you down to about $7M in effective cap space. That doesn't include any in-season roster needs, i.e. guys going on IR, mid-season signings, etc. Many teams try to carry $3-5M for that.
So you effectively have close to $10M of cap space "earmarked" for needs that are not being realized now but will be utilized in the Fall.
That only leaves you with about $3M to spend, realistically.
However, note that there are several players that you could restructure (or even cut) to create cap space. The biggest being Ronnie Stanley, who you could easily create $4-5M in space with a restructure.
So if the Ravens needed, say, $10M in cap space to spend, they have ways of doing it that aren't unreasonable or require cuts.