According to NFL Network's Jason La Canfora, the Bengals have $27.7 million ($27,766,680 to be exact) under the cap, which currently ranks as the fourth-most in the NFL right now. The Kansas City Chiefs have a reported $32.9 million available, leading all teams in the NFL while the St. Louis Rams are the only team over the cap (by $822,036).
Based on the cap numbers released earlier this month, the Bengals have increased their cap space by $600,000, which came out on August 4. And since August 4, the Bengals have cut Ryan McKnight, Brian Lainhart, Steve Robinson and Mark Wetterer while signing John Nalbone, Bo Scaife, John Standeford and Jonathan Fanene -- we're not sure if Tank Johnson release or the waiving of Garrett Mills factored into La Canfora's released numbers.
Currently the Bengals have a total salary of $93.2 million, which is the third-lowest in the NFL and nearly $20 million short of the league average $111.3 million.