We have $91M committed for next year's payroll. The actual estimated salary cap for next year is going to be somewhere around $62M.
In other words, we'd have to clear $29M just to get $1.00 under the cap. To make room for an impact player, we'd probably need to clear an additional $8-10M if we wanted one in FA. If we were trading, we'd only need to get about $4-5M under the cap. We could then send out as much as $12M in salaries and bring back $15M.
2014 guaranteed salaries
Melo - $23.5M
Amare - $23.4M
Chandler - $14.6M
Bargs - $12.0M
Smith - $6.4M
Felton - $4.54M
Shumpert - $2.76M
So, to get to the following salary levels...
$62M -- $29M, or Amare + $5.6M
$57M -- $34M, or Amare + $10.6M
$52M -- $39M, or Amare + $21.6M
That's all assuming we took back ZERO salary back... which of course won't happen. To get rid of Amare we'd most likely need to take on some bad contracts unless we're planning on giving up some serious sweeteners like Shump, THJr and our 2018 pick.
Our cap is just really, really screwed up...
J.R. Smith: "They were pretty much scoring at will. Especially my guy. I don't know what the hell I was doing on defense."