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If you look at the salary report, it lists it there.
It takes your current contracts, estimates arbitration amounts for arbitration-eligible players, and takes that as your payroll.
Now, it's completely broken, since say my "projected" payroll for next year is 60M, and my team's budget is 65M. This will show me as having 5M for extensions. But if I want to sign an extension for a player who's arbitration estimate is 8M, the game still gives me only 5M to try to sign an extension, despite the fact that I should be able to offer him up to 13M (8M he was estimated for + 5M extensions that I'm allowed to sign.
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