I think I can give you a better blueprint/example than Denver. Entering the 2021 off-season the Eagles were coming off a 4-11-1 season (7-9 the prior two seasons). They had a frequently injured Carson Wentz on a big contract and had just watched their rookie Jalen Hurts struggle in 4 starts but he showed some potential. They started $53million over the projected salary cap. They had good pieces on the OL/DL but were without much talent at the skill positions (like drafting Jalen Reagor over Justin Jefferson) and in the back end of the defense.
They fired their head coach and hired Nick Sirianni. The media had the same speculation on what they would do at QB as the Saints are having now. Most assumed they would run it back with Wentz. They ended up trading him to the Colts and taking on a bunch more dead cap split over a couple of years. They cut and restructured like crazy to get cap compliant followed by signing a bunch of cheap 1yr contracts in free agency.
They went 9-8 in 2021 getting a wildcard spot in a tie-break over the Saints. The only team they beat that year with a winning record. In 2022 they made it to the Super Bowl.
https://en.wikipedia.org/wiki/2021_Philadelphia_Eagles_seasonhttps://www.profootballnetwork.com/philadelphia-eagles-salary-cap-situation-2021/