I think it will be interesting to see what this does mean for guys like Ray, as well as Perk (who I have already been saying will likely be shopped this summer, unless he is willing to take much less than market value).
It also will be interesting to see how this contract is structured. Will it be front loaded, in order to maximize cap space in a few years when the Big 3 are coming off the books, or will it be a more traditional contract, with increasing salaries each year. The more traditional contract would likely save the team significant money, because I would imagine the team will be less likely to be in the luxury tax at the end of the contract, but will definitely be in it for the first few years.
I think you need to keep Perk around as long as you don't overpay, though someone may come in and do just that. Ray to me is the most expendable though he's also a guy who may be able to last as long as Reggie Miller did -- and still be effective.
Well, my whole argument with Perk is that he will almost certainly get a lot of money in the summer of 2011. Big men ALWAYS get overpaid.
Unfortunately, if he does not dramatically improve his offense, he simply would not be a good investment by the C's for much more than the MLE slot (so up to maybe $7 million per year). He is most effective as a role player on a good team, and as the C's will likely be looking to rebuild, they need to save some of the higher salary slots for stars.
So the C's will likely try to negotiate an extension next summer, in the 5 year, $30-35 million range. If he is not willing to take that (and if he did take that, he would be taking a home town discount), I think they will start offering him around the league to see if they can get a good young player or high draft pick for him, and then go ahead with Wallace as the starter next year.
As for Ray, I think it is all going to be about the money as well. If he is willing to come back for half of what he makes right now, I think it would be a great investment. If he is looking to make much more than that however, the C's will likely let him walk...or perhaps work out a sign and trade.