Most of the reports that have been out there have been saying that the new CBA, whenever it is official, will include a salary cap of $120 million. John Clayton has a list out this morning of where teams are in respect to that cap, and he says that the Tennessee Titans are $10.3 million under the cap. By my count of that list there are 18 teams that have more money to spend than the Titans so Bud Adams isn't apparently that cheap.
Keep in mind that the number published there includes all of the money they owe to Vince Young in 2011 which will be cleared up as soon as there is a new deal. Clayton says in that article that cutting Young will free up $12.8 million in cap space.
Some of the money they free up from cutting Vince will obviously be going to Jake Locker being that he was a QB selected 8th in the draft, but they won't have to give him nearly as much money as they gave VY when he was drafted because of the new rookie contact rules.
Chris Johnson should also see a significant chunk of that money.
It seems to me that the Titans are actually in a pretty good place here. They have some money to play with but not so much that they are going to have to give ridiculous money to a few guys.
The Tampa Bay Buccaneers have the work to do as they are currently $59.2 million under the cap.