My team is currently over the salary cap. Since MFN-2 is in the last day of the sraft, will I need to get under the cap sometime tonight before the start of late free agency?

You have the late free agency stages to get under the cap - you don't have to be under the cap until the first pre-season game.

Also, there is a delay before LFA-1, because the draft ends late in the day, so technically the end of the draft was tomorrow's stage. LFA-1 will run on Saturday morning.

BTW, the most effective way I've found to reduce your cap is to:

1) Change your roster filter to "Player Contracts"
2) Sort by "Save if release" where the largest is at the top
3) Starting with the top player, see if you can offer him a contract.
4) Without changing the offer, if the "Savings" is positive, make the offer. (If they are requesting a 1-year deal, I usually extend it to 2 years with the lowest bonus I can do.) - (I have an update running in MFN-1 where this interface has been overhauled, I plan to roll it into the other leagues in about a week)

The players should always accept what is initially populated in the form as a renegotiation, because that is their request. You might be able to lessen the cap even more by increasing the bonus and decreasing the base salary, but if you do that you do run the risk of them rejecting the offer. I'd keep notes in the player card about what you did if you try that because the details of what you offered won't be available, just the general "$/X years" in the transaction log.

This is good to know. I have my RB slated to be cut and the game will not let me cancel the cut because it says that I will be over the cap. Since we don't have to be under the cap for a bit, should I be allowed to restore the player to my roster?

Doh, yes you should. I'll add that to the bug list and try to fix it this weekend. I have cancelled your scheduled cut manually.

Thank you very much.