How bad is our cap situation?

Before I start… yes, #ITrustInNick!

But how bad is our cap situation? I'm seeing everywhere that we rank very low and aren't expecting to make many moves due to being in a rough cap spot.

Is this just bad journalism looking at a single moment in time. I.e. right now, as well just saved $10M with Nico just today.

With all these WRs hitting the market after being cut or on the block. Can we realistically solve any problems via FA or will we need to look to the draft for most of it?