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They had to due to the team being $70 million under the cap and the new CBA forcing teams to spend up to the limit and not have owners pocketing the money. Even if they started shopping in free agency, they probably wouldn't have reached that amount unless they gave out bad contracts which is something the owners got upset with last time.
Its one of the side effects of the rookie pay scale being reduced since under the old system, Cam Newton's rookie contract would have "eat" up most of their extra money.
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