I think it's just a visual bug/glitch but I'm not 100% sure. I see only 50 players on your roster so you should be good.

There are posts referring to "traps being set" possibly regarding the messages relating to your team being over cap, have too many players, etc. I had posted about the "my team was over the cap" situation. I'm not really sure how I could've gone over the cap by $820+M. Wouldn't the AI stop me from making those extensions if I was about to go over the cap by that much? If this is a glitch, then nothing will happen to my team, right? But, if it's not a glitch, I will lose most of my currently signed players at 2am EST. Not LOLing!! I guess I'm going to have to wait until the Elite sim is over to see what players were left on my team and if my team had to forfeit?

Did you use the renegotiation wizard by any chance?

Drafted my 3rd round pick and now I'm at $-46,300,048... this doesn't make any sense.

Washington just picked and their cap room went from 26 million under to only 9 million under.

New York Empire currently OTC with $93,006,811 of cap room. Their pick happens in 9 minutes and we'll check their cap after the pick.

Yes I did us renegotiation wizard and I thought that may have screwed me up.

After their pick they have $76,445,302 left

Cap space and the relevant over/under it while in the off season includes the money owed to your current players and dead cap, not your draft picks. So if you’re not under enough for your draft picks you’ll go over the cap and need to get under by week 1 of the regular season IIRC. Training camp enforces roster limits and the first game enforces cap limits. You can look at the previous year draft pick contracts for the slot you’re picking to get a good ballpark for how much you’ll have to pay your rookies.

You can go over both caps in the offseason with no penalties until then

Problem being, there were no warnings before the draft happened. People went blissfully over the cap and only found out later that they were in trouble. The FA screen doesn't work like it used to. It my case, it is obvious in retrospect that this team was always in big, big trouble. But I couldn't know that until I put everybody on a spreadsheet and saw for myself what was going on. There were no warnings about the problems I would have down the road.
Now, I'm going to have to frantically cut everybody after the draft and have the hysterical bloodbath I had in USFL a couple seasons ago, except with a gun to my head. The picks I'm amassing now are replacements for players I can't afford to keep.