Jerry Reese has had to wield the axe (Boley, Bradshaw and Canty) and will have to cut some more (Webster and Diehl) but he will have some maneuvering room.
Let's make some assumptions about some signings of former Giants:
Andre Brown - $1 million
Cruz - $2.9 million (first round tender)
Hixon - $1.5 million (very effective 3rd receiver)
Boothe - $3.5 million (need to stabilize the line and the Giants like him)
Stevie Brown - $2 million (second round tender)
Tynes - $2.5 million
I assume that Phillips and Bennett will be allowed to walk. Phillips because he is always hurt and the Giants have 3 decent safeties in Rolle, Hill and Brown. Bennett because he's worth $5 million a year and the Giants won't pony that up for a tight end.
Assuming $667,000 for the practice squad, $4.5 million for 6 draftees and $3.5 million for 7 bargain basement roster fillers, that leaves $7.1 million for Reese to play with after he cuts Webster and Diehl (or substantially restructures them).
As I've previously noted, I think that money will go towards a second starting cornerback because Reese doesn't like to enter the draft needing a player. Depending on which cornerback Reese signs, there might be some money left over for an athletic playmaking linebacker as well.