The Rangers are under the same hard, revenue linked salary cap as every other team. They were conservative on the FA market for two years in a row, developed some useful, cheap players from within, created cap space, and then used it this year. When the Devils spent to the cap for two years running, there wasn't this hue and cry, was there?
I'm not sure what people want -- should the Rangers and the other large market teams play under a smaller cap than everyone else?
The fact of the matter is, not all owners are created equal, not all markets are created equal, and therefore, some teams will do better than others. Sabres fans should be irate with their own front office. 5/25 for Briere was a ridiculous offer -- why did they even bother making it?
For what its worth, I saw an interview with Reiger where he said he's learned his lesson and won't let his prized players get this close to FA status again. Hopefully they will make reasonable offers to their young stars like Miller, Vanek, etc, and will lock them up well in advance of their UFA status.