1. The exception isn't big enough (and the salary must fit into the exception for it to be used, it can't be combined with other exceptions or outgoing salary)
2. Bledsoe's contract extends past this summer, but the exception can only be used on an expiring contract
Number 1 is actually inccorrect -- Bledsoe's salary would fit in. We can take back up to $14.96 million. Bledsoe makes $14.5 million.
Number 2, of course, is correct, and thus Bledsoe is not acquirable via the disabled player exception.
Of course, if the Celtics were to be granted the exception, they could acquire an expiring contract of around $12 million (should one exist) and then trade that player for Bledsoe. But I don't understand why anyone thnks we need Bledsoe on a team with Irving, Smart, and Rozier.