Two facts to start:
Nets will have about $18m in cap space based on the current cap.
Humphries has a $6.4m cap hold.
1. Unless we "renounce" da Hump, we essentially have about $11.5m ($18m-$6.4m) in cap space to spend?
2. What is the point of a cap hold, if he is an unrestricted free agent?
3. What is the point of the cap hold if we are significantly under the cap?
4. Can we spend all of our open cap space ($11.5m) and then resign Humphries for more than $6.4m per year?
5. Can we spend all of our cap space all ($18m) and then resign Humphries? (I don't think so)
6. We have his Bird Right's, correct? If so, that means usually a team can over the cap to sign their own player, but how does it work in this situation, if we are under the cap anyway?
From what it seems, the best we can hope to do this off-season is spend $18m in free agency, Hump or no Hump. If so, I don't understand the point of the cap hold. I see no difference either way if we renounce his hold or not.
What am I missing here?