This an update to a previous post describing the Raps cap situation in the summer of 2010. This update is a response to the acquisition of Shawn Marion and Marcus Banks, which change the picture significantly.
I’d also like to remind everyone I’m not a cap expert, this is merely my best understanding of the situation.
Let’s start of with an assumption of a salary cap of $62mil. Let’s also work under the assumption that Bryan Colangelo does not add any contracts to the books between now and the summer of 2010.
Okay, the big salaries
- Chris Bosh — $18.6mil — a max contract for a 7 year vet is 30% of the cap
- Jose Calderon — $9mil
- Andrea Bargnani — $15.5mil — this is his cap holds figure, not a contract figure. A cap hold is the amount Bargnani counts against the cap while he remains unsigned as a free agent. For more on Bargnani’s cap holds you can click here.
Now, let’s add the other salaries which are near certainties to be on the Raps books in 2010
- Jason Kapono — $6.64mil — player option which he’ll definitely use
- Marcus Banks — $4.85mil
- Roko Ukic — $1.45mil
And the other likely salaries
- Kris Humphries — $3.2mil — player option which he’ll very likely use
- 2009 Draft Pick — $1.75mil — this is assuming the Raptors win the 8th seed in the East and get the 15th pick in the draft, this is roughly the amount that player will earn in his second year.
That takes us to a total of eight players. There is a cap charge for teams on open roster slots, charging the minimum contract for each open roster spot up to the 12th player. That adds another $1.9mil.
Okay, so let’s tally that up and get a total — $63.19mil — no cap space.
2010 Draft Pick
Then we also have the issue of the 2010 draft pick, which is impossible to predict because who knows what Bryan Colangelo does this summer particularly with that cap space and Marion’s potential extension. Then the added distraction of the pick possibly being sent to Miami. That could easily add another $2mil to the books, or nothing at all if the Raptors make the playoffs.
That extra $2mil would take the Raptors up to $65mil.
I talked a bit about what type of contract we may expect for Bargnani about a month ago, for more on that click here.
Bargnani is unlikely to get a max contract, but he is likely to get $10mil or more if he can maintain his improved play in 2009. In order for the Raptors to have that figure count instead of the cap hold, the Raptors must sign Bargnani to an extension this summer or early on in 2010 Free Agency.
If Bargnani did sign for $10mil, that would leave the Raptors cap at $57.7mil. The Raptors would be below the cap but basically at the equivalent of the MLE, in other words without the room to sign an established All-Star.
Shawn Marion + 2009 Cap Space
We can see quite clearly how many options would be taken off the table by signing Shawn Marion or using that 2009 Cap Space on another high priced player. That would likely take the Raptors up to the luxury tax line.
- One can see quite clearly how damaging the contracts of Kapono, Banks and Humphries are. They total just under $15mil, in other words almost 25% of the cap. That’s basically a max contract, so they’re here in Toronto at the cost of a Joe Johnson or a Ray Allen or some player of that caliber, a max contract player.
- Also, the costs of the Ukic and the two first round draft picks adds up to another $5mil or so. That’s a fair bit of money, but for three prospects who can contribute right away and provide good potential, they’re golden contracts for a team up against the cap threshold.