Shiels has stated on a few occasions that he did not recieve any additional budget when he came in as manager, and would have to work with what he had.
He shifted out 4 players that were already out of contract in January (Nacho Novo, Craig Reid, Jake Nicholson and Stephen Stirling) together with Mark McLaughlin, Tomas Peciar, Michal Habai and Jonathan Page who had deals until the summer, and then Kabba-Modou Cham who would have been the most expensive I would have thought with him having 18 months to run. He stated in the press that the contracts of Habai and Peciar were cancelled at no cost to the club, so the combined contract payouts wouldn't have been quite as crippling as you would have thought.
We have then brought in 8 players, of whom only David Robertson, Garry O'Connor and Rowan Vine were over the age of 22. The likes of Ben Sampayo, Jamie McCormack and Darren Cole hadn't played in a while, so would probably have been cheap enough wages-wise, while Findlay and McKay are both young guys in on loan.
I actually wouldn't be surprised to hear that our wage bill is a little lower than it was prior to Shiels coming in.