Beat me to it.
That being said, if/once they cut Smith, Vilma, etc., they can get back under. Their cap is a nightmare after this season, however, so much so that maybe they try to put all their eggs in one basket this year.
If the price isn't deemed to high, they can trade for Revis and have him as a one year rental. It makes more sense once you dig deeper. Revis's cap hit is a manageable $6MM this year. Graham is also on the cheap for one more year and is going to want a big payday in 2014. Brees isn't getting any younger either. Adding Revis would be an absolute boon to their defense, and he'd be able to slow down Steve Smith, Julio Jones, and Vincent Jackson all in that division. He has had particularly good success against Jackson.
I don't buy the OP's rumor as any truth, but I think that if they cut the right guys, they could afford Revis for one year. Perhaps a 2nd this year and a conditional 2nd next year that gets upgraded to a 1st if he signs an extension with the Saints. For a team that is conceivably making one final push, it's not as crazy as you'd think.