Koz,
By no means am I trying to speak for GKC, but I think the point he's trying to make is that expiring contracts are worth more than the talent of the player, and as such they can get you better talent in return. Expiring contracts have more value than ever in this economic climate where over half the teams lost money last year and the future looks even bleaker (just when everyone is trying to get cap room for 2010). Thus, it is not unreasonable to think that expirings could get back better talent from another team. In fact, when looking back at the history of trades in the NBA, there seems to more lop-sided deals driven by finances than deals that make sense for both sides. I'd also add that depending on what your definition of "trash" is, the C's have much more than 5.5 mil in expiring or team-option contracts.
Brian Scalabrine $3,413,793
Eddie House $2,862,000
Tony Allen $2,500,000
J.R. Giddens $1,028,880
Gabe Pruitt $825,497
Bill Walker $736,420
Total $9,116,590
I agree with you that the C's will not likely get a young stud for expiring contracts, especially if they are on a reasonable contract or rooky contract, but I definitely believe the C's can upgrade the talent on the bench significantly using expiring contracts.
I'll also give you a TP because I'm just that kind of guy.