Can someone help me with the difference between the 2? I am way over the dead cap and way under the hard cap - Should I be concerned?

Dead Cap is simply the amount of money you are spending on players that are no longer on your team. Room under cap is the only number that matters.

Thanks! Huge help - I was sweating it!

To elaborate, you accumulate dead cap when you cut or trade players. The bonus portion of the player's contract is always guaranteed and if you cut them it is accelerated onto the current seasons and next seasons dead cap total. If you have a total cap of 132 mil and 22 mil in dead cap that means you have 110 mil you can spend on players.

Which makes it tough when you take over a team that was previously owned by someone who doesnt understand or care about how bonuses work.

Thats where I am at!

Retirements can also effect the dead cap. Thats why you have to make sure you really want to give a player 10+ years in the league a long term contract, if he retires before the end of contract you will get hit with all that bonus money in your deadcap