That is correct. While the eagles are not as negative as the Saints are, the eagles cap situation is actually worse than the Saints. That's not a good football team and to be that far over the cap with bad contracts to bad players? Yikes.
Loomis has never been over the cap by more than 60 million going into a season. His cap magic in the past has been pushing money to the back of contracts like a credit card. Well the bill is due this year for the credit card. Was it worth it? 100% yes. But that doesn't change the fact that there is no amount of wizardry that will get the Saints under the cap, retain all key players, and have them actively shopping for top tier free agents.