They'll also need to create some room for exclusive rights FA Richie Brockel, but since he can only sign here, and Carolina holds his rights, they don't need to make room right away. The $4.3 million or so that will cost to sign draft picks won't count until they're signed.
RFAs - restricted free agents - can often cost a lot, since they get a significant bump to even be tendered at their original draft status. Only Andre Neblett appears to be worth keeping, and it's hard to say whether the team will choose to put around $1 million into a player who doesn't really look to contend for a starting spot and certainly isn't above replacement. Neblett finished 2011 strong - being the primary reason that the defense started to improve in the last few games, and was a notable exception in the finale when they were being blown out (I imagine losing Charles Johnson didn't help either, of course).
But he got caught with performance enhancing drugs, and then just didn't play that well. Profootballfocus.com has him rated by far as the worst pending FA for performance (and he had only 251 snaps to receive such a negative rating, based on each play cumulatively). It's interesting that he, Dwan Edwards (UFA) and Ron Edwards (cut) are the three worst names on that list.
So, it appears for now, that $400,000 is all it's going to take. Long term, of course, other deals will take money, and I doubt they're completely done before free agency starts anyway. But, that's where they are, since the various media types aren't prone to getting this right.