With the Barbosa signing, and presuming that Kris Joseph makes the team, our projected cap is in the neighborhood of $73.32 million.
Link. There's some wiggle room in that number -- for instance, we don't know if Dooling agreed to a buyout or not, and these numbers are estimates that don't always take into account certain likely incentives, etc. -- but the number is close.
Why does $73.3 million matter? Because that's only $1 million less than the $74.3 million HARD CAP we're under.
Therefore, when people are putting together trades for Josh Smith or whatever other semi-star is on the market, remember that it's about more than a trade working on the trade machine. Even if a trade technically works under normal salary cap rules, we still can't cross the $74.3 million salary threshold, no matter what.
That means that in any trade, we can take back no more than about $1 million than we send out. That doesn't give us a ton of flexibility to play with.