cap situation

as i'm sitting here watching other teams wheel and deal and the titans pulling a titans i was just wondering what people think we are going to do with all the space we have.

as far as i can tell, the titans had $31M in space before the offseason started and have had the following signings to date with the estimated cap hit for '09:

scaife: $5M

bironas: $3M (maybe $5M?)

collins: $8M

fuller: $3M

i rounded up for everyone just to be conservative of remaining space.  that leaves the titans $12M under the cap at least.  in today's nfl $12M/year on one player gets you the following:

any wide receiver except TO, moss, fitzgerald, bernard berrian (yikes), and javon walker (double yikes)

any de or dt except haynesworth, jared allen, will smith, justin smith,  julius peppers, tommy harris, or tommy kelly (al davis what the hell)

basically, $12M can get you a pro bowl caliber player. too bad there aren't any pro bowlers left to pursue.  so my question is how should we spend this hot stinky cash?

personally i'd like to re-sign chris carr, but beyond that i don't really care.  sure coles or washington would be nice, but i don't really think that it changes the complexion of this team too much.  a better option to me would be trading for boldin and using the space to sign him to a deal.

its frustrating that the titans never really go after big name guys, but now at this point i hope they sit pat since no one left is really any good.

p.s. i know the numbers are rough and the salary cap is alot more complicated than how i put it. i used 2008 salaries from usatoday.