At this point, the Panthers have between $9 million and $10 million in salary cap room.
But that number's going to grow in the next two weeks, and grow significantly.
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As we wrote this weekend, one of their first moves will clear up over $8 million in immediate space, giving them plenty of room for the $16.683 million franchise tag on Julius Peppers if that's the way they want to go. They'll gain that room by guaranteeing the $10 million roster bonus for CB Chris Gamble, which they planned to do anyway.
But much more room is available through cuts (they could clear out around $5 million if they released CB Ken Lucas, WR D.J. Hackett and LB Landon Johnson). And that doesn't even begin to touch the room they could make by extending QB Jake Delhomme or restrucuturing veterans such as WR Steve Smith or DT Maake Kemoeatu.
They've got plenty of problems in the coming weeks. Cap room's not one of them.