There should be some cap space to play with, even if we were (incredibly) spending it all last year. Gone are Hall and Moon who will have been two of the highest earners, and also Keinhorst who will have been a mid range earner. Coming in we have Lolohea who will be a high earner and McLelland who will be a mid to low range earner. That leave one high range wage and perhaps some spare from Keinhorst.
Additionally we lost Galloway early in the year (high earner) and replaced him eventually with Crosby and Thompson (two mid to low range earners), so Galloway's high range money should be free too.
I don't think so many will have taken a step up as this is based on rep appearances / squad listing and we've not been troubling the selectors for a year or two. Perhaps some small (<£10k) increases of a few of the younger players, but nothing huge.
Then you've got the 3 back rowers who everyone is thinking we should be letting go. They will all have to take a cut or leave, maybe this balances the increase of the kids (Smith & Oledski) wages?
All in all, there should be room for at least two top players (replacements for Galloway and Hall/Moon), the question is where will they come from, not can we afford them under the cap.