Redskins 2011 Salary Cap Status

[Schneed10]

Found this little nugget which basically means the real salary cap is $123 million, once you account for this little "exemption". From John Clayton:

The salary cap is going to be at $120 million with a $3 million exemption. Here is how the exemption works: A team such as the Cowboys, who are $18 million over the cap, can designate one player this season and discount $3 million of his salary from the salary cap.

In 2012, teams will have three exemptions worth $1.5 million on three players.

In the meantime, teams are scrambling to find what the new rules are for the 2011 cap. It should be fun.

NFL -- Salary cap scramble will be interesting - ESPN