Using the MLE for 5 years on Childress leaves us without the use of the MLE for the remainder of his contract, right? I thought I heard something about that a few seasons back, but I don't remember reading it in Hobbs' run down of the Cap this season.
Nope, as long as you are over the cap you get a fresh MLE each year. It's factored to be the exact "average salary," so the MLE allowance increases a bit each year.
This is one way teams can get way over the cap:
say you are at the cap limit with 4 yr. long contracts, and for four years in a row you use the full MLE for 5 yr contracts. In year 4, you are at the cap due to the original contracts that had you at the cap limit PLUS about 24 million from still having 4 MLE contracts on the books, putting you 24 mil over the cap.