I think that 208 number gives them plenty to work with. Further they currently have 8 million in 2021 cap space. Im sure they will use some of that but if let's estimate they roll over 5 million that would put them at plus 3 million.
I think the big issues are AW MS and AC. If AW retires that frees up 11. I'd take that money and go hard after Ramczyk. Both he and Armstead are free agents. It will be challenging to sign both and he may want to play LT so the only option is to franchise Tag him. Then the saints are forced to pay both the RT and LT big money. Further the only qb under contract next year is the rookie they drafted in the middle rounds. My point is that there is a good chance Ramczyk hits the fa market.
Next you need to extend MS and in doing so you can lower is 2022 cap number significantly. This is almost a no brainer. You can trade what we did for him and then let him walk in 2 years.
Finally assuming they like what they see out of AC at center. I'd try to extend him now to clarify that spot for a few years.
Finally as mentioned the 2023 cap is also supposed to rise significantly. By then the cap issues/dead money should be gone.