Interesting.  I did not know that the Dolphins are required to spend their cap money.  Looks like it's time to go shopping.

http://dolphinsindepth.blogspot.com/2008/02/dolphins-rule-roost-on-salary-cap-space.html

"The first overall selection, if the Dolphins keep the pick, will get a contract anywhere in the neighborhood of $33-$35 guaranteed. Of course, it will be less if the Dolphins trade the pick, which they will try to do. And whatever they do the first pick will be expensive because it's doubtful the Dolphins will drop out of the top 10 even if they do trade.

But the fact Miami has more room than anyone else is interesting. Do the Dolphins go out and spend to the cap? Do they sign a bunch of veterans? They do have to spend pretty close to the cap because the collective bargaining agreement stipulates teams can no longer spend just 60 or 70 percent of the cap as happened in the past."