Yeah, I don't think that's correct. They have ~20M in cap space now, players have already left. Bakhtiari's gone, Jones, Runyan, etc. They'll get some cap space from Campbell when June 1 hits, but they have to sign rookies and FA and that $20M number is what they have for space.
It will take about $13M to sign the rookies, leaving them with about $7M for in-season emergencies, PS callups, etc. Any extensions will have to have some other kind of manuever... so I suspect Jordan Love extension happens closer to the start of training camp.

Last year they were really cap strapped, this year they are cap limited, next year they'll be free of most of their big contracts and have cap space to manuever.