Right now, they are projected to be about $20 million in cap space, but that doesn't include this year's rookies.
The FAs they might be interested in bringing back:
Cliff Avril
SLH
Lawrence Jackson
Willie Young (RFA)
Durant
Levy
Spievey (RFA)
Berry (RFA)
Delmas
Houston
Smith
If Cliff takes up $10 million, and this year's rookies take up around $5, you're looking at $5 million in space. Even if you cut KVB, Burleson, and Peterman, you're at around $12-$13 million. Then thrown in the cost of the tags for Young, Spievey, and Berry, and you're down to around $10 million.
With that $10 million, you need to fill:
2 DEs (LoJack, KVB)
2 DTs (Williams, SLH)
2 LBs (Durant, Levy)
1 S (Delmas) <- assuming Spievey still has a job as the other starter
1 CB (Houston) <- assuming Berry or a rookie can fill the other spot & nickel
1 G (Peterman)
1 WR (Burleson) <- They'll need a 4th.
You just can't do it.
Wasn't 10m about what they had before this off-season, before they restructured etc?