Yes it would be a hard fit but if I recall when the salary cap number came out for what they would have been last year I think we were somthing like $25 million under so it can be done.
Signing Rice would also cost about as much as it would to sign one of the top FA linemen, so it's basically a pick your poision kind of signing. Signing Rice would just alter our drafting strategy a bit. Instead of having to draft a WR early we could address different offensive needs which are o-line, RB and TE. My thinking is that if we trade down and acquire a 2nd rounder, w/ Sparano's back round being offensive line he could definitely turn a late 1st or early 2nd round selection into a quality linemen. I know it didn't work out well this year as they tried to use second rate players up front but getting more talented players to coach via the draft would help. Plus we wouldn't have to wait for a drafted WR to develop, which in many cases can take 2-3 years. However, lots of o-linemen are drafted every year that are plugged into starting lineups and are definite upgrades. We could then use the 2nd rounder to draft a RB and the 3rd or 4th a TE who can stretch the middle of the filed opposite of Fasano.
I know this wouldn't fix the QB position, but it might be enough to help Henne overcome his deficiencies. Plus I'm not exactly 100% sure there is a franchise QB in this draft that I would be willing to take the risk of moving up for.