I don't see Edmonton as a team particularly well positioned for a busy, big spending UFA season, but I suppose it depends which players are movable for a quality return, a decent return, or prove movable at all.
There isn't a ton of money available until players are traded, claimed through waivers, or stashed in the minors.
As currently constructed, the Oilers roster looks something like:
Penner(4.25)-Horcoff(5.5)-Hemsky(4.1) = 13.85
O'Sullivan(2.93)-Gagner(1.63)-Cogliano(1.13) = 5.69
Moreau(2.0)-Pouliot(0.83)-Pisani(2.5) = 5.33
Nilsson(2.0)-Stortini(0.7)-Jacques(0.53) = 3.77
Visnovsky(5.6)-Souray(5.4) = 11
Gilbert(4.0)-Grebeshkov(3.3*) = 7.3
Smid(1.3*)-Staios(2.7) = 4.6
Roloson^(3.0) = 3.63
For a total cap hit of ~ 55.2 mil, which leaves EDM roughly 1.6 mil in cap room.
My guess would be that EDM uses that cap space plus Jacques or MacIntyre's salary (after waiving one of them) to find a 3rd line C at ~ 2mil cap hit, taking them right to the cap. Beyond that, how can one guess?
If they are to make more moves, it will have to involve trades, waivers, or demotion of one way contracts to the minors which will be difficult/impossible for me to guess given my lack of information regarding the options available to Tambellini. Is there a market for Penner, Moreau, Nilsson, and/or Staios? What other trade options are available? How many, if any, dollars will ownership allow to be buried in the minors?
That said, there are a number of players I think might be nice additions/replacements for many teams, depending on their cost (EDM being one of them if they have room to manoeuvre via trade etc), including but probably not limited to:
Gaborik, Tanguay, Havlat, Montador, Seidenberg, Connolly, Tjarnqvist, Hossa, Kotalik, Dvorak, Leopold, Bergeron, Bonk, Sullivan, Nichol, Fiddler, Betts, Mara, Morris, Knuble, Scuderi, and Moen.
I tried not to list 3rd line C candidates since I think EDM will probably get one of them anyways, the above are players I'd be interested in the Oilers signing as value buys, if they can move the player being replaced from the current roster.
* - estimates
^ - assuming the rumors EDM has made Roloson a one year offer around 3 mil are true. I would imagine he'd take that, but perhaps he'll look at the market first.