Let's say Lebron signs for $18.5 million (his starting salary should be somewhere in that range; that may be a little on the high side.)
Let's also presume the salary cap stays relatively level the next two seasons, around $57 million.
How can they offer him a salary bigger than 30% of the cap?
You're right, sorry. I was doing some fuzzy math there, and you're correct. 30% of a $58 million cap = $17.4 m, so that creates roughly $1 million more in cap space. If revenues go up, though (as Stern has recently predicted), an $18.5 million deal may be possible by 2010. (The cap would have to be around $62 million)
If Delonte *doesn't* come back, we have no idea how much of his contract is guaranteed. Let's assume that roughly 1/3 of it is (as with Pavlovic this season).
No need to assume that. It's only $500k guaranteed. But they can easily transform that into 0 (just like they can with Gibson).
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Is it? Then all the better for the Cavs.
They'll still be faced with a pretty decimated team, but they'll have room to sign Lebron + another max player.