Per a memo released to teams, via Boston Herald’s Andrew Callahan, the Patriots are set to have at least $124 million in cap space, barring any future moves. The projected salary cap range is expected to fall somewhere between $277.5 million and $281.5 million.

The Patriots have a critical offseason ahead under new head coach Mike Vrabel. But they received welcoming financial news Wednesday.

Using calculations from salary cap expert Miguel Benzan, the new projection means New England will have between $131.19 million and $135.19 million to work with — by far the hig