Cap notes and Magic mistake
July, 11, 2007
• As our Chris Sheridan reported, the salary cap number came down late Tuesday, and it was right about where everyone expected -- $55.63 million, just shy of the consensus estimate of $56 million. That also sets the league luxury tax level at $67.9 million -- again, no big shock. The biggest immediate ramification involved the one player who got a max contract this summer: Rashard Lewis. The forward will get a starting salary of $15.65 million and, if he does a sign-and-trade deal with Seattle, annual raises of nearly $1.65 million from his new employers in Orlando. The weird part is that apparently the Magic did agree to such a deal and, according to Florida Today's John Denton, will send a second-round pick to the Sonics. This is a no-brainer from Seattle's perspective -- they get a massive trade exception and a draft pick.