That gives the Vikings -- and everyone else, of course -- more wiggle room. Spotrac estimates they are now $32 million under the cap. Some of that money will obviously go to retaining some of their own free agents and signing draft picks, but regardless it's close to an extra $4 million to play with.
What does that mean? We're not at all experts on the cap, but to us it means it should be even easier to bring in a veteran QB (Matt Cassel or someone like him) to compete with and mentor QB draft pick X. It creates less urgency to draft a QB in the first round because the Vikings should be able to afford a decent veteran while still upgrading the rest of the roster. And/or it could make it easier to just eat the final year of Christian Ponder's deal ($3.2 is his cap hit, and it all counts) and cut him.
Of course, it also means that teams that were tight up against the cap and were considering cutting good players that the Vikings could have scooped up will now perhaps be able to keep some of those players.
We're not entirely sure if extra cap space has more benefit to a team that was already in a good cap situation or one that was tight up against it. At the end of the day, all 32 teams have more flexibility. Teams have until March 11 to comply with the cap, so things will get interesting in the coming weeks.