Rob linked to Kuharsky's article about cap space in the AFC South in the links yesterday, but I thought it was worth a deeper look (original link from John Clayton). The Titans currently have $19.5 million in cap space for the 2013.
Some of that money will have to go to draft picks, and a healthy chunk of it will probably go to the franchise tag for Jared Cook, but that will still leave the Titans with plenty of money to pursue people in free agency.
I know you first reaction is going to be, "But the Titans don't pursue people in free agency, Jommy." While that has been true in recent years, this year might be different. Mike Munchak and Ruston Webster both need good seasons to keep their jobs in 2014. If there were ever a time to stick their collective neck out there for a contract, this would be it.
The need positions are obvious. They absolutely have to add at least one safety. Michael looked at some safety options here. They also need at least one, if not two, interior line starters. They will have plenty of money to take care of all of those things in free agency if they want.
Getting those things done in free agency would free up their options in the draft.