The Saints are about $12 million dollars over the cap. That in and of itself is not the end of the world, as moves can always be made to get them under.
The problem is that they cannot let Jimmy Graham walk... they can't and they won't. Even in a best case scenario, though, they will have to give him a $5m raise or more, putting them in an even worse position. They also have to sign a few of their other players. They don't even have that many guys that they can get big time relief from cutting.
Be prepared to raid the Saints for talent. Possible cuts:
Anyone you like?