According to Jason LaCanfora of NFL.com, the Baltimore Ravens sit towards the bottom of the league in terms of available salary cap space witha bit over $2.5 million. With the Ravens adjusted cap being just under $124 million, the team can still sign other players to use up this "space," but can also increase their cap space by either re-working current contracts including signing DT Haloti Ngata to a long-term deal instead of having his Franchise Tag cost them $12.5 million against it in 2011.
While teams have as many as 90 players in camp, only the top 51 contracts are figured into the cap. Teams have until August 30th to get down to 75 players, then further cuts must be made to trim the roster to 53 players by September 3rd.
Many fans are talking about the new requirement in the Collective Bargaining Agreement that includes a minimum salary cap "floor" which mandates teams spend at least a certain amount of money on player's salaries. However, this requirement does not go into effect until 2013 and even then there are certain terms that still do not make it a huge issue.
Under these salary cap numbers, the team with the most current salary cap space is the Kansas City Chiefs ($33 million) and the one with the least space and actually currently over the cap is the St. Louis Rams (almost $1 over cap). These numbers are sure to change as teams sign and release players, as well as re-negotiate other contracts. However, it is a "fluid" cap, meaning that it must stay under throughout the season, regardless of who is signed, released or re-negotiated.
To see more of Jason LaCanfora's explanation of making sense of all of this salary cap information, check out his NFL.com blog..