I think there is absolutely something to this. I don't think Wyc has tied Danny's hands here, but I feel pretty confident that if Danny cannot turn Ray into a VERY good player or two, Wyc has made it clear that he is not interested in taking on bad contracts for the next few years.
If they look at the team, and do not think they can win a championship next year, I think they could really go into cost-cutting mode, trying to save as much luxury tax money as possible. And to be honest, I can't blame them. I sure as heck don't want them raising ticket prices next season, just so we can watch KG limp to a second round exit.
Danny is in a tough position right here, because they are really at a crossroads. He can try to shift the deckchairs, and get a little younger, but he can't pay a premium for it. And unfortunately, this teams championship dreams live and die with KG's decrepit knees, not Ray's expiring contract.