I'd recommend reading what Brian McFarland wrote, i.e. on the cap situation. It's improved with the cap set, but its not strong.
Effectively, we're in the range of ~$17M under today.
We will have ~$4M of earned incentive adjustments that still need to be included, plus any ERFAs we tender. And we also don't yet have the specifics on the Agholor deal.
So that ~$17M is, realistically, between ~$10-12M effectively.
So even on the high end, we're ~$10M short on even being able to FT Madubuike. And that would just to be in cap compliance. Wouldn't allow any wiggle room for other additions.
Note also they'll need ~$15M for draft picks, practice squad, in-season injuries and elevations, etc.
So we have a long, long ways to go. Obviously haven't made any cuts or known restructures. They're coming.
Still think Bowser gets cut.
Still think its very possible Moses gets cut
Still think there's a discussion about a paycut for Stanley
Still think either Ricard gets cut or extended
Still think Mekari gets extended
And I think you're going to see several contract restructures. Lamar, Marcus and Marlon being the three most likely.
I'll also be the guy to say it... I don't think tagging JM is a formality. I think there's plenty of scenarios where financially its just not an option. I think they'll push for an extension in the next few weeks, and if nothing is reached, may opt to let him hit the market and see what the price is. I think people are underestimating the impact of what a $22M cap hit for him does to the ability to construct a roster. There's no cap flexibility there until he gets extended, and you can't guarantee he gets extended. The only other viable reason to FT him is to tag and trade in the Summer if you can't reach an extension.