According to Over the Cap, cutting Shields and James Starks will put the Packers at ~$48M under the cap. They'll want to resign guys like T.J. Lang, Nick Perry, and Jared Cook and perhaps Micah Hyde, J.C. Tretter, Datone Jones, Eddie Lacy to reasonable deals, but they have great flexibility. I wouldn't be surprised to see the Packers sign another prominent free agent or two.