Given some of the crazy money handed out to players today, this Holmes deal is almost a bargain. Fair deal for everyone.
We could offer up to ~$46.5m over 4 years and anything over that would have to be some performance based incentives and/or trade kickers. So roughly $11.6m
Noel signed for 3 year $32m deal with the Knicks today which is roughly $10.67m.
Bottom line is that Holmes is a much better player than Noel and there only around $1m per season difference between the two (and Holmes is around for 4 years).
We can't complain about that! Very good, cap friendly deal.