The Seahawks may or may not be done in free agency. John Schneider has recently said that the team needs to be "responsible" with how they use the remainder of their cap space. And, that begs the question: How much money does Seattle actually have in cap space now?
Per Over the Cap, they currently have $8,223,186 in cap space.
At first glace, this number might scare folks. However, it should be noted that this number still includes Marshawn Lynch on the roster for 2016. Lynch has yet to turn in his retirement papers to the Seahawks, and no subsequent roster move has been made by the Seahawks. Before we dive in, it's important to note that the top 51 rule applies during the offseason - meaning NFL teams count the salaries of only their top 51 most valuable contracts towards their cap total.
Assuming the Seahawks file retirement papers for Lynch (or cut him) before June 1st, the move would open up $6.5M in cap space.
All of Lynch's remaining signing bonus ($5M) would accelerate into 2016 and the Seahawks would be hit with a $5M dead money charge. The official cap space for the Seahawks in 2016 would then equal $14,273,186. However, this figure wouldn't represent the true amount of space the Seahawks possess.
When calculating true cap space, one has to figure in the costs of IR, the PUP list, practice squad, and other oddball stuff. Put aside an extra $3M for IR, $1M for PS, $1M in extra dead money if the you choose to cut a draft pick, and then the two salaries for players 52 and 53. All together, these oddities equal about $6M. Subtract $6M from $14,273,186 and it leaves the Seahawks with around $8.2M in true cap space (assuming a pre-June 1st retirement designation for Lynch).
Assuming the Seahawks transmit papers for Lynch's retirement post-June 1st, the move would open up $9M in cap space.
Half of Lynch's remaining signing bonus, $2.5M, would accelerate into 2016 and the Seahawks would be hit with a $2.5M dead money charge. The remaining $2.5M from the signing bonus would count towards dead money in 2017. The official cap space for the Seahawks would then equal $16,773,186. However, as discussed earlier - this figure wouldn't represent the true amount of space the Seahawks possess.
Put aside about $6M for the previously oddities and it leaves the Seahawks with around $10.7M in true cap space (with the post-June 1st designation). So, obviously, it will be important to wait and see on what the Seahawks plan to do with that designation.
On that decision, John Schneider recently said, "I'm not sure we're at the point where we specifically need that," extra money from the post-June 1st designation. "We just haven't decided whether or not we're going to wait until then to do it.''
Regardless, overall, the Hawks find themselves in pretty good cap standing entering draft season -- and still have a little room to get involved in negotiations with some veteran free agents.
(Several notes: These numbers are an approximation. Several difference resources may vary in totals. Additionally, we are still waiting on the contract details for Mike Morgan. Additionally, one can account for the Seahawks' future 1st round pick into these projections by simply subtracting $1.2M for the true space.)