As per Liz Mullen of the Sports Business Journal, today, the players trade association (aka NFLPA) issued a memo to NFL player agents advising them that the NFL has a soft cap this year. The salary cap $120.375 million, but clubs can exceed it under the terms of the Brady settlement agreement.
There is a $3 million salary cap exemption available per club at their discretion, which if used fully by a club would raise the cap another $3 million. The memo states as follows: "the way this works is that a club may exempt from the salary cap the salaries (up to $1.0 million per player) of three players on the team who have more than five Accrued Seasons in the NFL. If a club chooses to exempt these salaries they will therefore have $3.0 million in additional cap room to sign other players".
So it's a soft cap - but not too soft.