The media and fans have started speculating about Miami making a major splash in free agency by signing a “franchise QB” like Peyton Manning or Matt Flynn.

To do that though the team will need cap space. According to the salary cap figures I can find Miami presently has $108 mil committed to the 2012 salary cap with the players currently under contract. Early projections put the 2012 salary cap near the $120 mil allotted to teams in 2011 – meaning Miami already has some, but not a whole lot, of wiggle room (especially when you factor in Miami must also have space for the incoming rookies).

Free Agency Primer Part 1: re-signing the Dolphin’s free agents

Before looking at bringing in a QB, Miami must first look at re-signing its own free agents. Unfortunately most of Miami’s key free agents are on the defensive side of the ball, so departures here could adversely affect Miami’s good but not great defense.