I have some players pending free agency. I have very little cap room left for this season. I have 2 questions. How long to the end of the season should I wait to re-sign some of the players I want?? and what happens if my cap shows a minus at the end of this season?? Will it just be deducted from my cap amount next season??

If you can re-sign the players for less money per year than they are making now, do it as soon as possible. Otherwise, you can wait until the playoffs.

Ya know I'm not sure what happens if your over the cap at the end of the year.
In other sims we would lose our 1st round draft pick.