The Packers would have to cut: Jones, Bakhtiari, Smith and O'Donnell to get to about $9m in cap space. I am not sure what that would get the Packers in FA at safety but you would have to add at least one OL, LB and RB in the draft. I think the Packers cut O'Donnell and then go with someone else as it saves the Packers about $2m in cap space. If they trade Love with all of the other cuts then that gives the Packers about $11m in cap space.
I believe the Packers won't cut Bakhtiari until after 6/1 which gives them more cap space but I think that only happens if Rodgers is not on the team.