The NFLPA has released some figures in the their best guess towards every team's cap situation. There has been a few grumblings from the player side about owner collusion keeping salaries down but it's completely unfounded (see Wallace, Mike, Greene, Shonne, and Percy Harvin). It seems like an annual practice from the NFLPA to complain about salaries so there is that. The major factors in teams not overpaying a majority of players are the inundation of major names on the market and a loaded draft class.
The Titans have $6,470,792 in space as of right now after the free agent frenzy that was March. This total has been updated for the Kevin Walter and Chris Spencer signings so there's a bit of wiggle room as the team prepares for the draft. As mentioned many times, the team can restructure some contracts like Eugene Amano's and Nate Washington's or just outright releasing them to gain some more room as we go along. I think the team is done in free agency and is focusing solely on the draft now unless a surprise name happens to be cut. Is there a chance that the team restructures contracts in order to extend some of the more deserving candidates on the team? Sure.
Other teams of note include the Browns, Bengals, Eagles, Jaguars, and Buccaneers having all in excess of $25 million in space. The Packers will likely use up their remaining $17 million to extend Clay Matthews and Aaron Rodgers (who should expect a contract that outdoes Joe Flacco's and rightly so). The Redskins and Rams are the only teams in 6 figures of space, although the Redskins are being punished for breaking the rules in the 2010 uncapped year along with the Cowboys. Speaking of the Cowboys, the Romo deal (however crazy it was) has given them a little bit of breathing space, believe it or not.