True. They are already $13 million over the cap for 2014 as it is. They are already going to need to make some tough choices without adding Graham's salary to it. They should probably franchise him and try to trade him and maybe get some compensation.
Currenly, they are sitting at $139 Million with 52 players under contract.
Quick look, and I see the following options to free up cap space.
Probable Cuts:
Will Smith saves $11.5 million
Jabari Greer saves $3.175 million
Mark Ingram saves $1.3 million
Jahri Evens saves $2.5 million
Possible restructures:
Ben Grubbs: He has $6 million in un-guaranteed money, but has a cap hit of $9 million with prorated bonus money. Grubbs has the upper hand, but no new money guaranteed. They could reduce this years salary and guarantee future years. Let's say they push back $5 million.
Jahri Evens who I have as a cut, could be the same structure to recapture more, but is he worth it? No.
Rollover according to spotrac is $1.6 million.
That puts them at $119 millionish.
I just can't see many more moves than that. They could designate a couple players as June 1st cuts to relieve some pressure, but they are already at $125 million in 2015.