About the same as my own back of the envelope calculations. (No way Wil Nieves gets an arbitration offer none)
The great danger with these numbers is: spending for spending's sake. Please don't bid against yourself for Carlos Pena. Please. I beg you. He isn't going to draw much interest.
As for Cliff Lee? there is some serious albatross potential there.
I hope they don't just think free agents. There are opportunities to use this excess 2011 payroll in other ways. Taking a big contract or two for example. Maybe the Cubs just can't take Carlos Zambrano in the clubhouse anymore. Or at least they can't justify his massive salary and being a clubhouse cancer. They have a first time MLB manager, maybe they'd like to just be rid of him. I know he was awful in the first half of 2010 and he IS in fact a clubhouse cancer but in the 2nd half he was close to his old self and sort of well behaved.
And hey, there are still international guys being signed. Wouldn't mind a little scratch going in that direction.