With 8 roster forwards under contract (along with promising prospect Jamie McGinn) for roughly $28 million, and Evgeni Nabokov slated for a cap hit of $6 million, that leaves $1.1 million for at least 3 forwards and a backup goaltender. Qualifying offers were made earlier this summer to goaltender Thomas Greiss (07-08 salary: $725,000), center Torrey Mitchell (07-08 salary: $725,000), and agitating winger Brad Staubitz (07-08 salary: $475,000). All are scheduled for a raise (QO over $1M no raise, under $1M 5% raise, under $660,000 10% raise), giving the Sharks $2.045M in additional salary if the QO offers are accepted.
That would leave the Sharks with 11 forwards, 7 defenseman and 2 goaltenders under contract with a cap hit of $57.745M (55.7M + 2.045M). The San Jose Sharks would be $945,000 over the $56.8M salary cap with one forward left to sign. NHL teams are allowed a 10% overage until the regular season starts.
Like Aaron Portzline said, something has got to give.
For my crunching of these same numbers, see this.