I know there's still negotiations to be had and perhaps a few lower-tier free agents kicking around, but that's an awful lot of cap space. It might be very handy to have around next off-season to lock up key players, but we really don't know what kind of position we'll be in yet. Maybe Arthur Blank is building a Scrooge McDuck style vault as we speak.
Incidentally, I also have $20 million in salary cap room. The unfortunate part is that my salary cap is $20,000,001.15. I guess we can't all be wealthy.
The NFL has increased the cap another $1 million. Again, this from a league that, supposedly, can't pay into pension plans for veteran coaches. But, whatever. According to Colts Cap, adding $1 million gives Indy about $7 million in cap space.