Adam Schefter posted the top and bottom five teams in terms of cap space as we head into free agency tonight at 9:01pm PST:

MOST
Tampa Bay — $61 million
Kansas City — $57 million
Philadelphia — $48 million
Denver — $37 million
Green Bay — $34 million

LEAST
Carolina — $1.9 million
New England — $3.2 million
Indianapolis — $6.6 million
Pittsburgh — $7.4 million
Washington — $8.1 million

The 49ers are at roughly $25 million under the cap, even before dealing with the Alex Smith and Jonas Jennings contracts.  This does not factor in the $4 million in additional cap space mentioned yesterday.  It sounds like they could clear close to another $10 million in cap room if they clear up the Jonas Jennings and Alex Smith situations.

Speaking of which, Scot McCloughan held a conference call earlier today.  The primary issue is that Alex Smith and Jonas Jennings remain 49ers until they're not.  Due to the existing cap space, there's no rush to clear that up, although I'd imagine it would happen sometime in March.