Miller will have minimal value next summer. As far as cap space goes, his expiring contract probably won't provide us all that much cap space, depending on how things work out his summer. Let's assume at a minimum a conservative summer where we re-sign Iggy and Lou to market level contracts. Both will eat into our available cap space for next year because their actual contracts will be significantly higher than their current cap holds and add in typical contract increases for our other players. Our only expiring contract other than Miller next year is Calvin Booth. Depending on who we sign/acquire this summer, the Miller expiring could have little value for us. If we sign players to multi-year deals that use up all or most of our current cap space, then Miller's expiring will give us less than the full amount of cap space next summer because of Iggy and Lou W's contracts.
For example, his $10 million dollar expiring contract might only garner us a few million in cap space if we pay Josh Smith, Iggy and Lou W. this summer. For 2009-2010 we are already committed to around $26 million in salaries. Add in about $29 million for Smith ($12 million), Iggy ($11 million) and Williams ($6 million) and we are up to $55 million. assume the cap rises to $61 million and we have around $6 million in cap space from the $11 million in expirings (Miller and Booth).
If we keep a significant chunk of our current cap space in our pocket them Miller's deal might give us full value when it expires, but our overall cap space will be decreased by contracts for Iggy and Williams. For this reason I think Miller has the most value this summer or in season when a team either deparately needs a PG and/or expects to have cap space next summer and wants to add to it by trading for Miller's expiring contract. Ironically, the team with cap space and a need for a PG right now is GS, but others may arise during the year. Miami needs a PG and has Marion expiring and looks like our only other current match-up in a straight or three way deal (perhaps with the Bulls?).