There's 2 kind of trades in CBA: simultateous and non-simultateous.
Simultaneous is players-for-players. 125%+100,000 rule applies here.
Non-simultateous is players-for-Traded Player Exception. 100%+100,000 rule applies here. A trade cannot be simultateous and non-simultateous at the same time that's why teams cannot combine players with TPEs.
If team has a TPE then it means that less than a year ago they made a trade where they got less salary than they gave away so now they "allowed to take this amount back".
If 64 mln/5 years is right then the minimum Peja's salary can be is 64/6.05=10.6 mln which is greater than 7.5*120%=9mln. and so Peja is a BYC player. That's why as nbrans mentioned for Hornets his trade value was 7.5mln and such a TPE was generated.