I would try to trade Watt and Stills to the Pack for a 2nd and a 5th but would take a 3rd and a 5th. Then I would cut N. Martin and McKinney. That would give me around 28 mil on the cap if my math is correct.
2021 cap 175,000,000
Cap roll over
$7,690,031
2021 contract obligations
$194,465,143
If you trade Watt and Stills for no returning salary you'd generate 22,475,000 in immediate cap space. This would be ideal as it adds to the cap roll over which would put that figure at
$30,165,031 which would put your adjusted cap at $205,165,031.
Its not likely you can move those two players for no returning salary so for every dollar you take back , subtract it from the cap roll over and 21 adjusted cap.
Cap roll over is another reason to have the fire sale NOW not later. For every dollar under the adjusted cap you get to roll that over to the following seasons adjusted cap.
You'd be at $176,965,143 in salary obligations to 37 players which would be $28,199,888 under the adjusted cap.
You've got 18 roster spots to fill with that figure.
If you want to be a player in FA you are going to have to make further trades / cuts.
Don't forget WFV is a free agent.
I'd also cut the following All before June First as the cap hit is all on 2021. Of course trading them NOW would be more advantageous in generating cap roll over & putting the cap hits on this years cap.
Nick Martin - Dead money $2,500,000 Cap savings $6,250,000
McKinney - Dead money $1,500,000 , Cap savings $7,000,000.
Ejiofor - Dead money $46,315 , Cap savings $920,000
David Johnson - Dead money $2,100,000 , Cap savings $6,900,000
Coutee - Dead money $182,258 . Cap savings $920,000
That would give you a total of $50,189,888 with 32 players under contract and 23 roster spots to fill.