After draft choices sign, Bills will have about $2 million available. However, more can be created depending on who gets traded, released, cut, and/or waived before the final roster is set. Players that could be let go and save some minimal cap space are: WR Reed, OL L. Smith, RB Burns, etc. I do not foresee any big names cut for cap purposes.
I think the Bills extend one. However, since Clements' salary is $2.5 million, he could sign an extension that lowers his 2005 salary to the vet min. for his yrs of service ($540,000) and that $1.96 million be applied to his bonus amortization. This would allow the Bills to possibly extend McGee as well.
If Bills do not re-sign Clements before FA period starts nexgt March, he will likely be franchised. I suspect he will be here through 2006 at least