I don't know if anyone agrees with my perspective here, but I've been saying in a lot of threads that I actually do NOT look at Wallace as a "bad" contract.
#1 - We are tanking. That's the entire point here. We're trying to land a star in the top 5-10 picks of next year's draft that we can build around. There are plenty of huge prospects available beyond Wiggins.
#2 - It took LeBron 3 years to make the playoffs and Durant 3 years to make the playoffs. So fair to say we will not be a playoff team in 2014-15 either, right? Even if we land Wiggins, we're not a playoff team until 2016-17 if he follows the Bron/Durant trajectory. But let's assume we tank in year two as well.
... That means that in year 3, Wallace becomes an valuable asset. He'd be an expiring contract that you could package with one of our MANY young players/draft pick assets to land a star. That's essentially how we landed KG... we packaged young assets (Big Al, Gerald Green) with a big expiring contract (Theo Ratliff) to land KG. Wallace will be our Ratliff in year 3.
#3 - Cap space is nice and can be used to great flexibility, but the idea of using cap space to sign a star player is unrealistic for us... it's also counterproductive to tanking. So who cares if Wallace is sitting on our books for 3 years.
... So that brings me to my premise. At the deadline this year, you might as well shop Humphries' expiring contract to a team looking to dump a bad contract. Wallace's contract runs through 2015-16... so you might as well trade Humphries for a guy whose contract also runs through 2015-16... and try to pick up another draft pick in the process.
Also note that some teams might decide to dump salary for a run at 2014 free agents.
Examples I could fine:
Washington Wizards - Nene. Makes 13 mil a year until 2015-16. Think the Wizards would give up a future pick to get Nene off the books? I could see it happening. Nene is 30 and not amazingly productive.
Denver - McGee - Makes 12 mil a year until 2015-16. Kind of a headcase. Could underperform this year. Maybe Denver decides to dump his contract. Would they give up a late 1st to do it?
Other ideas where the guys are probably too talented:
Portland - Batum - Makes 12 mil until 2015-16. Probably too talented. I don't imagine they'd want to give him up.
GSW - David Lee - Makes 15.4 mil until 2015-16. I mean... Lee's a big part of that team, right? Do they want to hang onto him long-term or would they rather dump him at the deadline and have an insane amount of cap space to build around Curry in 2014? I wouldnt' rule it out.
...
One last one... Amare's corpse is on the books for 23 mil a year until 2014/15 (only 2 years). Would you trade Humphries + Bass for Amare's corpse and a 1st? I would. Why not? Couldn't hurt.