Well, you can risk trying to manually delete some of the older backups from the Time Capsule, but this is not recommended due to the very real possibility of the entire backup becoming corrupted.
Your best bet.....if you want to preserve your existing backups......would be to copy or Archive the contents of the Time Capsule drive to an attached USB drive for safe storage.
Then, erase the Time Capsule drive and start over with backups of the Mac again.
After a few months, chances are that you will have a good backup history on the Time Capsule, so you may no longer need the old backups on the USB drive, and you can erase the USB drive.....or.....keep the backups for a longer period if you prefer.
When the Time Capsule starts to fill up again, copy or Archive the data on the Time Capsule disk over to the USB drive again and start over again with new backups on the Time Capsule.
The way it works for me is that my Time Capsule starts to fill up after about 6-8 months. I then copy all the backups over to a USB drive at that time, erase the Time Capsule and start a new backup. I keep the backups on the USB drive up until the Time Capsule starts to fill up again, then I repeat the process. This method has worked very well for years.