It may simply be an overrun, similar to what we had not so long ago, wouldn't sell papers if they said as much though.
Exeter would be the most obvious to me. Sale have a tiny squad, Bristol still have a lot of players that wouldn't have cost a lot, even with their bigger names. Saints? Perhaps, but doesn't really feel right.
Just seen the new post that includes us and Bath. I'd hope without Cips, Le Roux etc, we're not threatening the cap too much to be in danger of a serious breach. Bath, perhaps, and they have done it before.