I want to know what a cap hold is. I used to know the CBA inside and out but seem to have forgotten it. Can't we simply sign Dalembert to a reasonable contract and do away with this "cap hold?"
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So a cap hold is theoretical if we simply want them and sign them. Right? It doesn't seem to be a major problem.
Yeah, the cap hold is theoretical, but it has to be dealt with. Your understanding looks pretty much right. If we intend to use our Bird Rights to resign Dalembert, then we must keep the cap hold (which is "virtual" money against our salary cap) until we sign him. At that point, the cap hold goes away, and his new salary counts against our salary cap instead. The cap hold for Dalembert would be equal to the largest salary we could offer him.
On the other hand, if we do not intend to use Bird Rights (that is, the ability to go over the salary cap to resign him) on Dalembert, we can renounce the cap hold and still be able to negotiate a contract with him. The cap hold is gone, just can't go over the salary cap to sign him.
If they are serious about getting a great team here, take advantage of the Bird rights as it puts us in a better negotiating position than any other team.
That's only true if we intend to offer Sammy $19M+ next year, and we clearly won't do that. If we don't make any trades, counting our 2011 first round pick (don't know where that will be, so that salary is variable) we'll have somewhere between $30-33M in salary going into the summer for 9 players (Beno, Cisco, Evans, Cousins, Thompson, Casspi, Greene, Hassan, pick), which will definitely give us some cap flexibility. I don't know why we'd want to tie up that flexibility in a huge cap hold to Dalembert, so I'm guessing we'll renounce that first thing, and just negotiate with him from a position of cap strength rather than trying to brute force him way too much money.
Of course, this is all dependent on the current CBA, which the new CBA (knock wood) may not resemble at all, so the rules may turn out quite different.