The “Ridiculously ton of cap space” cycle is just as bad as our situation in ways, maybe even worse. Jacksonville is one of those teams that got themselves caught into that trap.
Having that much cap space means you have an absolutely garbage roster due to very poor drafting and signings and will now have to a.) massively overspend and shock the market on the small handful of actual good players you end up signing because they know you can afford it and they need the extra enticement to join your pathetic team, and b.) once the free agency pool quickly dries, massively overspend and shock the market on very subpar talent just to reach minimum spend requirements, locking yourself into bad contracts galore.
Once again though, ultimately what happens in New England will it all boil down to who they sign, how they draft (most important element of all), and who they get to coach those players.
There’s a reason why you constantly see many of the same bad teams with cap space all the time. It’s a cycle.