According to that point teams under the cap have to renounce the following exceptions: Mid-Level, Bi-Annual, Disabled Player, and Traded Player exceptions.

There is no mention here of the veterans minimum exception, so it seems a team can exceed the roster charge (rookie minimum) to sign a vet to a minimum contract. If so, that would pave the way for McGrady to sign with the Knicks after being renounced this summer, if he’s willing to play for the minimum and the Knicks sign 2 max guys.

“A renounced player no longer counts toward team salary, so teams use renouncement to gain additional cap room. After renouncing a player, the team is still permitted to re-sign that player, but must either have enough cap room to fit the salary, or sign the player using the Minimum Salary exception. “

http://members.cox.net/lmcoon/salarycap.htm#Q19

I have always taken this to mean the minimum amount that a player can make, i.e. if he is a veteran he can’t make less than the vets’ min. Then again, there’s also the bi-annual ($1 mill) exception, but that will actually be over $2 mill next season… more than the veterans’ minimum. Maybe this (above) literally means league minimum period, as in rookie minimum. However, I think veterans also qualify just from the way the media talks about free agent situations.

I’m not sure either. I assume the NBA wouldn’t set up the rules so that a team in the Knicks position had to sign only undrafted rookies, though.

I wish there was a way of telling for sure. Hell, I don’t even know how the veteran’s exception works exactly- can you sign more than one guy to it if you’re out of cap space?

Teams over the cap can always sign players to veterans minimum deals (provided they have the roster spot), it’s a salary cap exception. The team doesn’t even have to pay some or all of the salary, not sure about the specifics. The league or players’ association picks up the contract, I think.

But what I’m unsure of is – does this exception become available as soon as you use up all your cap room, or do you have to begin the free agency period over the cap for it to work?

According to that great Hoopdata article:

In order to use your cap space, you must renounce all your exceptions, including the MLE and any player Bird Rights you have.

So the MLE must be renounced but not the veteran exception?

PG – S-Rod
SG – T-Mac
SF – Chandler
PF – Gallo
C – Lee

Bench: House (PG/SG), Harrington (SF/PF), Bender (C)

Douglas would get spot minutes…I don’t see him getting substantial time until next season.

“Ill be the first to admit I LOVED Allan Houston and have a bias opinion, but he was much more than just a spot-up shooter offensively!!!!”

I knew this was coming and was going to respond to my own comment… I meant that he could have stayed in the league as a spot-up shooter… i.e. he was a capable spot-up shooter.

So the Knicks can save up to $5.5 million off of their cap.

But realistically, it would be less than $5.5 million (Curry will likely not accept anything less than $9 million – heck, probably not less than $10 million) – that’s just the most that they can take off of their cap by buying Curry out.