This is what I found:
If a first round pick signs with a non-NBA team, his scale amount is excluded from the team salary on the date he signs his non-NBA contract or the first day of the regular season, whichever is later. The scale amount goes back onto the team salary on the following July 1 or when his non-NBA contract ends, whichever is earlier. In other words, these cap holds are removed for players playing outside the NBA, but only during the regular season.
I think the hold for 27th pick is 1M dollars or slightly more. I calculated over 2M to spare above so I think we're good.