You definitely have some cap trouble, but you should me able to get a hold of it, with a little work.
First off, I would suggest a harsh evaluation of your newly drafted rookies. Keep the ones that you think will be valuable right away, but with cap issues, it hurts you to hold on to "projects" with high rookie salaries. You can cancel their contracts with no penalties. They will be upset with you, so don't think that you can sign them right back.
Next, I would look for backup players who make too much for what they contribute, with zero bonus money on their contracts. Cutting players with bonuses in their salary penalizes your cap in future years, and maybe even the current year if the bonus is high enough. You can get effective backups (with a little searching) for $200k/yr. Your goal is not to make the playoffs in a rebuild year... it's to field a team and get your cost down for future seasons. Cut those expensive backups.
The next and final step should be done any way. I'm going to cut-paste a message I sent to someone else, on my way of finding the lowest cap hit for any player.
"This only works for players already on your team.
First, before resigning them, check their progress to make sure you're going to want them for 6 years. If they're declining, you may want to let their contract run out. All bonus money counts against your cap, even when you cut them. The season you cut them, you have to pay their bonus. The following season, you must pay ALL REMAINING bonuses... so if you owe him $3M per year in bonuses, and he still had 5 years on the contract, you will have a cap hit of $15M.
Once you're sure you want to keep them, click "contract" to bring up the renegotiation page.
Move "years" up to 6, and "bonus" down to 0%, and submit. Of course they won't sign without a bonus, but you will get a message showing the minimum bonus he will be willing to sign for. Write that number down.
Close that message, and move "bonus" up to 75%. Then, slowly move the "First Year Base + Bonus" slider to the left, until the "total bonus" box is just a little more than the minimum he's willing to take.
The closer you can get it, without being under, the better. (You can move it back to the right if you go under). Then, enter the minimum bonus (that you wrote down) into the box. The higher percentage of the contract given as bonus, the less it hits your cap.
Congrats, you just offered the lowest amount he MAY be willing to take. If he refuses, just set it up the same way, but offer a bit more salary. "
