Once a year, teams can use a mid-level exception (MLE) to sign a player to a contract for a specified maximum amount. The amount of the MLE and its duration depend on the team's cap status. The MLE was initially set at $5 million for a duration of four years for teams that are over the cap either before or after the signing, but did not pay a luxury tax in the previous season. Teams without cap room that paid tax in the previous season have an MLE that was initially set at $3 million with a three-year duration...
Good catch!
BUT (and there's always a "but") in this case, we will drop far below the salary cap during the 2015 offseason. Right now we are looking at under $32M going into the 2015 offseason, and even if Gay opts out and then re-signs at a smaller contract (say $15M/year) we'd be under $50M. If you're under the cap by more than an MLE, you don't get an MLE. So that actually won't affect us unless something drastic happens to our salary status for the 2015 offseason.