Cap Heaven? - Cuts and Drew Brees Extension

Like Loomis said, we actually have more flexibility this year than last year when we signed Byrd, especially with the salary cap continuing to steadily rise. I think we're fortunate going forward that some our highest potential saving candidates are also greatly under-performing. We could legitimately upgrade for cheap while saving millions for needs/toys.

Currently sit at ~(-$22 million) in cap space going into the offseason.

Restructure (saves ~$18.08):
Junior - Saves $7.75 million for 2015
---Assuming the charges are dropped, we're 100% going to restructure his contract by turning his roster bonus due this year into a signing bonus.

Graham - saves $3.33 million -$5,000,000 million roster bonus in 2015 spreading it out over the remaining 3 years. Would drop his cap hit in 2015 from $11 to $7.67 million.

Byrd - saves $4 million - Convert his $6 million roster bonus to a signing bonus spread out over the remaining 5 years of his contract. Lowers his 2015 hit from $10.3 to $6.3 million.

Lofton - Saves $3 million - $4.5 million roster bonus converted to signing bonus and prorated over the remaining 3 years. Brings his cap total from $9 million to $6 million

Cap Space Going into Cuts = -$3.92 million (easily covered by a Drew Brees extension IMO). From my understanding, there is really little reason not to restructure these contracts if they will be on the team in 2015. I believe any extra cap space gets rolled over to the next year.

Potential Cuts/Dead Money in millions:

Evans - save $7.5 million / $3.5 dead
Grubbs - save $6.6 / $3
Colston - save $7 / $2.7 - would also be a good candidate to restructure.
Bunkley - save $4.5 / $1.6
Hawthorne - save $4.5 / $1.5
Bush - save $1.95 / 0 dead money - Good player, but we are loaded at safety. Money could be better spent.
Watson - save $1.5 / $400k (probably not worth it, but interesting with the emergence of Hill)

*Morstead - save $2.45 / $950k - We won't do it this year, but he won't see the end of this contract in the current state. He's an outstanding punter, but we punt the least amount of times in the NFL and rarely go 3 and out. I honestly believe the $1.5-$2 million in savings could be better spent elsewhere with a greater impact on field position. His cap hit goes to $4.45 million in 2016 and is signed through 2018.

The total savings = $36 million. Dead money (sunk cost) = $13.65

So even before touching Brees, we could have the cap space to sign multiple free agents and cut some obvious fat.
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Brees - An extension has been obvious since the original structure of his contract was released. He was never meant to play at a cap hit of $28.7 million in 2015. You extend him 2-3 years for near his current rate or less by offering a higher % of guaranteed money via signing bonus. I won't include this in my calculations though.

Does anyone have a list of likely 2015 free agents?