I think this contract is also non-guaranteed. So the team saves in luxury tax, because of the subsidy, but also retains additional flexibility (with a big asterisk), because now they can waive him on any day and only pay a pro-rated share of the contract, unlike before when they would have owed half of the contract.
The big asterisk is that because Parker will be an Early Bird free agent at the end of the deal, and it’s a 1-year deal, the team can only trade Parker with his consent.