The Kansas City Chiefs salary cap stands at about $4.8 million following the latest free agent signings, according to figures from Albert Breer, which includes just the top 51 of the Chiefs 71 contract players.
The NFLPA has the Chiefs at $5.2 million in space but I suspect Breer, who works for the NFL, is getting the NFL's numbers (Update: NFLPA numbers now match up at $4.8 million.) Only four teams have less space than the Chiefs, who will need room for more free agents, their draft picks and extra space for if/when players go on IR and need to be replaced.
There are things that come out throughout the year where you need flexibility. In the weeks before the season, for example, some veteran players will be released for cap reasons and available for Kansas City to sign. The Chiefs, currently, do not have much flexibility, but the potential is there to create at least some.
The Chiefs don't have many holes remaining. They could use an upgrade at receiver, they'll need a safety and perhaps a guard. But maybe some of those players are already on the roster. The idea of building through the draft requires some players drafted to step up and become starters.
We've talked about them restructuring contracts to create more space like they did last year with Brandon Flowers. That seems like a possibility but when you restructure, you're usually just pushing money into the future that will have to be paid at some point. I doubt this is a particularly attractive option for the Chiefs but who knows.
The Chiefs could also give extensions to Alex Smith and Justin Houston, but neither player has a particularly high cap number as it is now. The Chiefs could also cut players, which doesn't seem like a particularly attractive option given the number of starters lost in free agency.
Do the Chiefs have plans to create more cap space? My guess would be yes, partially because they pursued Emmanuel Sanders, who would have taken more off the cap had he signed.
Also of note is that last season the Chiefs started the season with about the same about as cap space as they have now following the Flowers restructure.