I doubt they're sitting on a license and waiting, if that was the case they'd do a mariners and spend the cap minimum, the team spends more than the cap and last year had two marquee players. They're spending a lot, probably not top 4 but definitely not the least, and are trying hard, but for a multitude of reasons it's not coming off.
Two reasons, the one that is most obvious is because the club has said so. They may actually be under the cap now depending on the payout to Finkler but last year they had two marquees, this year they started with at least one, and in previous seasons they normally have one (in the past it was Ifill), they've always framed them as accounting marquees. If they're under the cap it's clear it's just because of player movements and not something that they've targetted. Merrick also said pretty much every year that the playing budget increased from the year before.
The second reason which you may or may not believe because I won't go into details is I asked one of the WelNix members about eighteen months ago when were were involved in something completely unrelated.