What this translates to is a team in cap purgatory without any depth. If they spend all their space and all their picks and just a few premium resources, then they're going to be filling out a lot of the roster with UDFA's. Plus to get all these guys in together under the cap, they'd have to use amortized bonuses, which would leave them in a mess in a couple seasons (when Rodgers will still be very good and you still want to give yourself a shot). I think your estimate in bold is highly optimistic. I would not be surprised if those players totaled around 75M in average annual salary.
They fill out a third or more of the roster now with UDFA's and rookies.
Cap purgatory? And? As opposed to not spending and treading water every year; like the Packers? Again, the cap goes up, guys retire, are cut, contracts can be redone every year, and so on. You have more cap money every year with more options to increase it every year.
Where did I say 'average salary'? I said vs the cap.