Yes - give or take. The fact is, we really don't know what it is going to take to sign our FAs Juice and Wagner or whether Wallace or Webb will be extended.
Personally, I prefer to look at it as having $18M in space, after we sign 3 RFAs (Orr, West and Camp), our ERFAs, hold back $6.5M for rookie signings and cut Doom, Pitta, Watson, Arrington and Lewis.
Depending on how many of our rookies make the 53-man roster, that leaves us with only about 43-46 players on the roster. Obviously, that means a nice chunk of that $18M in space will be dedicated to filling out the roster, above and beyond the FAs that we sign who are noteworthy.
IMO the best resource for all things cap is Brian McFarland:
http://russellstreetreport.com/2016/12/27/baltimore-ravens-salary-cap/ravens-2017-offseason-preview/