It’s the most overlooked aspect of having cap space. The ability to trade with a team
1. who have a young core and are willing to give up a pick to rid a bad contract
2. is ready to start over and willing to give up talent for a late pick or two and space
3. who is in Luxury tax land looking to shed salary
is NBA gold.
That's why I am starting to really buy into the "One More Try" strategy for next year, if KG will come back, but without Ray Allen (unless he signs on the cheap cheap.)
We can use our "cap space" to sign our own Free Agents, and if it doesn't work out for us, we can ship them off as expiring contracts to teams that are looking for salary relief. I could totally see a situation where we resign KG (and maybe Ray) and tell KG, Ray, and Pierce that we are giving it one more go, but if we get creamed by injuries again or we are nowhere near being good enough to make a run, we will deal you to any team that is looking to unload picks and/or players they can't afford. KG and Ray could then get bought out and go on the open market to a contender at bargain prices.
It is the same concept as "absorbing" using cap space, but instead you lock your space up in 1-year deals that are basically like trade exceptions at the end of the day.