Good question, but there could be more going on here than meets the eye. For instance, there is also a rumor about the Kings taking on a bad contract for a first rd pick. Without specifying any particular deal, almost all of them would use up the 20.5 mil we have. So, if we were to go ahead and sign Bjelica for the rumored 2 years at 13 mil, we would no longer have enough to absorb one of those big contracts. However, if we were to do the big contract first, which would put us over the cap, we could then turn around and use the non-taxpayer mid-level exception ($8,641,000.00, which can be broken up) to sign Bjelica.
I'm sure the Capt will correct me if I'm wrong, but I think that's what could be going on here. At least it's a possibility.