I am curious and not sure about the rules of this and how it would work so I'm asking. Is it possible to trade Ray Allen to a team get some good players, he negotiates a buyout and then comes back. I know this is done and he has to wait 30 days before he can return, my question is how it impacts him during the summer. My understanding is we can only renounce his rights in order for his money to not count against the cap and at that point we can only sign him to the minimum is that true?
If that is true wouldn't it be easier to resign and get more talent in the process??
well, technically it's possible, but why/how would it happen?
-It would only happen if a team really wanted to get rid of a lot of long-term contracts, and didn't want any players in return (so they'd be willing to buy out Ray)
-Ray would have to be willing to lose about 16 million dollars, because as mentioned above, a team wouldn't trade for him and then pay him a bunch of money just to not play for them, and because we're over the cap, he'd only get the vet min from us.
but technically, you can trade a player, have him be cut or bought out, then sign him again with any available funds (MLE, Vet min, LLE, or cap room) after a certain period of time. We did it with GP a few years ago, McDyess did it last year, etc. But each time, they were taking a minimal buyout, but Ray's in line to make about 18 mil and not many sane people are going to leave 16 mill of that on the table.
Additionally, "renouncing rights" doesn't have anything to do with players already under contract. For example, shawn marion is a free agent for toronto right now, so toronto has the right (bird rights) to go over the cap to sign him to an extension. Because they have that right, his estimated salary is counting toward the cap on a "cap hold," to prevent toronto from signing a free agent (hedo turkoglu), then turning around and using bird rights to also sign Marion. What they have to do is renounce their bird rights for Marion, so that his hold no longer counts against the cap. Then they'd be able to sign Turkoglu, but they would no longer have the bird rights with which to sign marion. But in this case, Marion does not have a contract with Toronto. You can't renounce the rights of a player already under contract and get out of having to pay him or having him count toward the cap.