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Conclusion
I wish the Pirates would go out, up the payroll to $110 million, and be aggressive from here on out for the rest of the off-season. I don't know a Pirate fan who wouldn't want to see that. But if this is truly the constraint that Ben Cherington has to work with, there are still moves he could make within this budget to improve the team in meaningful ways.
If the Pirates were to make these kinds of moves, then they would be spending about $15.27 million. If the Pirates include a player from their active roster in the Cabrera trade, then it's closer to $14.5-14.6 million. That is within the budget Bob Nutting is giving Cherington. Sure, it's not glamorous, but it's a solid off-season. It solves multiple needs the Pirates have right now.
Adding Ryu and Cabrera brings in two starting pitchers, including one who will have control for multiple more years. Re-signing Cutch gets you your DH/RF. Adding Michael A. Taylor will solidify your outfield defense and push Jack Suwinski to right field, where he may thrive, and platoon with Edward Olivares.