According to the latest numbers, the Falcons have a salary cap number of 103.8M. This includes WAR, RGGR and Antone Smith but not Tony G. Considering the 2013 Cap limit has been set at 123M, that leaves the Falcons with approximately $19.2 M (It could be 20.1 M if the 123.9M total player compensation cited in the article is considered the final cap number). Assuming Tony G signs for approx 6M (he was paid 5.9M last year) and counting another million for the falcons draft picks, that leaves the Falcons with approx 12.2-13.1M in cap space to spend in free agency.
Now, the Falcons have major holes at DL, LT, CB and RB. Ergo they need to focus on signing at least three of their own free agents - Sam Baker, Brent Grimes and Vance Walker while bringing in a free agent at DE and if possible RB (Hi Steven Jackson!). This is going to be near impossible without restructuring/cutting more contracts. Unfortunately, Peria Jerry is the only overpaid player left on the roster who can be cut to achieve any amount of meaningful savings ( and even that would net less than a million dollars in savings).
This is one of the reasons why a lack of early activity combined with little interest from other teams is a very good sign for the Falcons. If the Falcons manage to resign Grimes/Baker to contracts which result in a combined cap hit of less than 8M, the Falcons are in great position to get free agent help for the defensive line. If their combined cap hit is more than 10M, the Falcons will need to restructure a few contracts to add anybody in free agency.
A few stray points:
1. Make no mistake, TD wants both Baker and Grimes pretty badly. Baker is the Falcons best option in his price range and Grimes (a healthy version) is considered a top level talent by the Falcons FO (as demonstrated by his franchising last season).
2. I had initially thought Grimes was sure to command too large a salary but considering the abundance of quality CB in the market the Falcons may be able to get him to sign a decent short term contract.
3. Honest Abe's release was confusing. Was he let go because the Falcons expect a drop in production (in which case a replacement would make sense) or is it a sign of a change in philosophies (in which case we dont know who the Falcons are targeting)?