The Tampa Bay Buccaneers have around $11.25 million in salary cap space left, if my quick calculation is correct. The Bucs entered free agency with approximately $24 million in salary cap space, and have spent like crazy since then -- but they've also cut Donald Penn and Darrelle Revis, saving themselves nearly $25 million in cap space.
This estimate is a lot more accurate than yesterday's quick calculation, because we now know Alterraun Verner's numbers (courtesy of ESPN), as well as Michael Johnson's (again, ESPN). Both of those deals are slightly front-loaded, in terms of cash and cap both. That made me estimate Anthony Collins' year one salary as slightly higher than the $6 million he's set to earn per year, on average.
Aside from Collins' salary, Jamon Meredith and Danny Gorrer are the only estimates in the group, so we have a very good idea of the team's salary cap space. I'm not counting the exclusive rights free agents the team re-signed, because those generally get extremely low salaries (around $.5 million each), could be cut without any cap ramifications, and wouldn't be among the team's top 51 contracts, anyway, which is what matters during the offseason.
Keep in mind that the Bucs will have to keep around $3 million free to sign their draft picks, per Over the Cap, while also needing some space to sign players during the season to compensate for injuries, and run their practice squad. This means they effectively have around $6 million in space they can spend in free agency. However, they can still create some extra space by releasing or demanding pay cuts of players like Michael Koenen, Connor Barth and Jeremy Zuttah.
Initial cap space: $24 million
Michael Johnson: $9 million
Alterraun Verner: $8 million
Anthony Collins: $7 million (est.)
Josh McCown: $4.75 million
Clinton McDonald: $3.5 million
Brandon Myers: $2 million
Jamon Meredith: $1 million (est.)
Danny Gorrer: $1 million (est.)
Donald Penn, -$7.42 million (Overthecap.com)
Darrelle Revis, -$16 million
Total: $12.83 million