The Tennessee Titans still have a lot of ways they can (and likely will) expand their cap room. However, as of 4:35 EST on March 29 the Titans have $10.9 million in cap room.
Ways the Titans could change that.
1. Cut/Trade CJ (Cap difference $5.5 million)
With no real end in sight to the Titans/Chris Johnson stalemate it looks like they will be forced to release him rather than trade him. The question for the Titans is when should they do it? The business side of things suggests that they should hold on to him considering that there is no real time crunch to release him. If another team has a major running back injury then the Titans might be able to get something in exchange for Johnson.
However, the emotional side of things suggests that Whisenhunt never really had any intention to keep CJ, and he could have been one of the "cancers" that Delanie Walker was talked about. If Whiz is really concerned about that then he could want to just cut ties before he ever has to deal with him on the field.
2. Restructure/Cut Kamerion Wimbley (Cap difference $2 million)
Wimbley isn't a huge cap number, but he is the fifth highest paid Titan. Tennessee has very solid depth at pass rusher with Wimbley on the team, and if they don't draft Khalil Mack (highly unlikely to be there) or Anthony Barr then it is wise to have his sort of experience on the team.
3. Trade Nate Washington (Cap difference $4.3 million)
There is no way the Titans cut Nate Washington, but if a desperate team (cough Panthers cough) is willing to trade a third round pick or better for Washington then the Titans might jump on it. This could allow the Titans to possibly grab Mike Evans in the first and get better while adding another pick.
4. Cut Sammie Lee Hill (Cap difference $2.3 million)
Hill looks like a fit for the 3-4, but he hasn't played in that system and the addition of Al Woods suggests that they aren't that confident in Hill. Hill is due around $4.5 million in 2015 and cutting him now would free the Titans from any of that guaranteed money.