Updated with Pomeranz:
Under contract for 2017 (7 players):
$30M Price, $22M H. Ramirez, $20.6M Porcello, $19M Sandoval, $13.75M Pedroia, $10.5M Kimbrell, $6.5M Young.
TOTAL: $123.35M
(Note: Castillo's$10.25M Castillo and Craig's $6.2M contracts do not count on the luxury tax budget, if they remains off the 40 man roster.)
Options ( 2 players): $13.5M Buchholz and $3.75M Hannigan
TOTAL: $17.25M
Arbs (9 players):
Bogaerts:$650K > ~$3.5M (1st of 3)
Bradley: $546K > ~$2.7M (1 of 4)
Pomeranz $1.35M> ~$3.0M (2 of 3)
Kelly: $2.6M>$2.5M (2 of 3 arbs)
Ross: $1.25M> $1.5M (2 of 3)
Holt: $606K > $1M (1 of 3)
Leon: $minor > $800K (1 of 3)
Layne: $564K> $700K (1 of 4)
Rutledge: $minor> $700K (1 of 3)
Workman: $540K > $600K (1 of 3)
TOTAL ARBS: ~$17M
TOTAL of 18 players: ~$158M ($141M without Buch and Hanigan)
The 22 other players on the current 40 man roster (listed by seniority on the roster): Wright, Vazquez, Brentz, Betts, Hembree, Barnes, Coyle, Swihart, Shaw, E Rodriguez, Marrero, N Ramirez, B Johnson, Owens, Jerez, Light, Hernandez, Carson, Elias, Cuevas & LaMarre
TOTAL: ~$12M
Grand Total: $170M or $153M (No Buch/Hanigan)
Now, add the $11M for player benefits and our Luxury Tax Total is...
$181M or $163M
That leaves us with about $9M to $26M to spend without going over the luxury limit as it is right now ($189M), however, the limit is expected to rise to over $200M and perhaps closer to $210M.
That would mean we'll have between $20M and $30M, or if we dump Buch and Hanigan between $36M and $46M to spend on added salary and be close to the limit. That may appear like a lot of money, but finding a replacement for Papi (DH, 3B, LF or 1B) will not come cheap. We will probably also need a solid number 2 SP'er and at least 2 quality RP'ers to replace Uehara and Tazawa.