How does NO save money on this? They get nothing out of it. Wright makes $2.85 million next year and can be a free agent after the season. The #11 pick's salary will start at around $1.8 million. While Wallace has apparently mentioned the possibility of retiring next year, neither he nor his agent has said anything publicly about it. He is on the books for $6.3 million this season and $6.8 next season. So if he doesn't retire and leave all his money on the table, NO adds a million in payroll this year (plus a $1 million luxury tax hit), and about $5 million next year for a guy they don't need, AND they give up a lottery pick to do it? How does this make ANY sense?
If New Orleans wanted to just save Julian Wright's salary, they could just trade him to a team with cap space for nothing, and if they wanted to save the money on the pick, they can just sell it for $3 million and a future or later 1st.
This doesn't even get into the fact that the trade doesn't work under league rules - if for some reason they wanted to take on a bunch of extra salary, New Orleans can't acquire $6.3 million in salary for $2.85 (picks don't count toward outgoing salary). Most they could take back is about $3.65 million.