Don't know if this has come up yet, I haven't seen it, but apparently we only owe George Karl $6.5 million after this season.
Here's a report regarding the terms of the contract from last February:
$11 million of $14.5 million Guaranteed
We already paid for the end of last year and this year.
So remaining on the deal is $5 million for next season and a $1.5 million buyout for the season after that.
I know there was a buyout for Mike Malone's fourth season as well (that would be next season) but I don't know what it was.
In any case, we may owe as much as $7.5 million to clear out the last of our dismissed former coach contracts.
That's bad, but it's not terrible. I wouldn't think it would prevent us from targeting an expensive head coach again--
considering that's basically the equivalent of a one year mid-level exception deal at this point.