Salary Cap question

My first season just ended on Dynasty. I was the Lakers and won the championship. The contracts that expired this year were Luke Walton, Smus Parker, and Brian Cook. i dont really care for Brian cook. i want walton and parker back. wen i go to re-sign them, on the bottom it says, Salary Cap: 55.14M, Waived Salaries: 0, Team Salaries: 55.06M, Net Salaries: 55.06M, Cap Room: -925K, Roster Space: 5. Luke walton is asking 11.88M for 5 years and Smush is asking 5.76M for 1 year. When i send them a contract, they say theyll accept but there isnt enough Salary Cap Space. How do i free up some cap space? do i have any chance of re-signing them?

EDIT: and its on a xbox360

no because you are over the cap limit. you are only able to sign someone if they are a minimum or mid-level exception contract. but, if they have an asterix (*) next to the money they are asking for, you can re-sign them even if u are over the cap limit.

hope i have helped

let them go into free agency, then you can release players and sign them HOWEVER, this will only work if another team signs your releasees, if not they will continue to count against the cap. You could always trade for them later if another team gets them.