Here's how I think it works:
2012 cap was $120M. Our 2012 salary was $120,335,684. tack on $4.68M in dead money and $8.42M in IR'ed salaries, we were at $133.4M. but that's OK because we rolled $26M over from 2011.
That left us essentially $12.6M under the cap, which rolls over into next year.
Clady's 2012 cap number was $5.8M. so, to get him to $12M, we are only going to have to find roughly an additional $6M.
Some guys that could be let go, freeing up some salary:
DJ Williams: 2013 cap: $7.7M. 2013 is his final year under contract - not a whole lot of signing bonus to bring forward.
Tracy Porter: 2012 UFA. his 2012 cap hit was $4M.
Caleb Hanie: 1 year left @ $1M. no signing bonus.
Matt Willis: 2012 salary of $1.26M.
I think Drayton Florence and his $1.5M comes off the books.
Ty Warrens $1.5M most certainly comes off.
Joe Mays has a $4M salary with very little signing bonus to pro-rate. I'm not sure what the impact of cutting him would be. I think his salary doesn't count, but bonus money paid does, which would be about $330K in dead money.
That's about $19M right there. Combine that with the $12M that rolls over, and we have roughly $31M to play with. I'm quite sure they could figure out how to allocate $6M to Clady, and use the remaining $25M to sign rookies and a key FA or two.