That's true. But some bonus payments can land on the current cap as I understand it (otherwise there was no reason why Kelly couldn't be picked in July).
Unless, of course, the club got dispensation to play Kelly in May (when Sandow was originally dropped) due to injuries to players other than Sandow
I'm sure that's what happened. Kelly was no longer in our top 25 last year and our second tier cap would have been used up by any of these merkins before Kelly got onto the field:
Allgood (still contracted)
Hayne (still contracted)
Hunt (still contracted)
Mossop (still contracted)
Tanginoa (still contracted)
Tonga (still contracted)
Moeroa (still eligible for NYC so possibly second tier)
Folau (first year out of NYC so possibly second tier)
Faraimo
Fa'aoso (possibly on a second tier contract with a significant 'free' match payments component)
Pauli (first year out of NYC so possibly second tier)
Anyway that's a lot of dudes potentially included under our second tier cap, so it's likely that cap was full before Kelly got onto the field.