Jefferson and Collins will each count MORE against the cap than simply their qualifying offer amount until they actually sign a new deal. As free agents with full Bird rights coming off their rookie scale deals, they each count an amount equal to 300% of their previous year's deal. So (unless they sign Martin or someone else whose contract extends into 2005), New Jersey's team salary will look like this on July 1, 2005:
Jason Kidd - $16.44 million
Alonzo Mourning - $5.90 million
Aaron Williams - $3.38 million
Zoran Planinic - $1.13 million
This assumes, however, that the Nets renounce every other FA - Kittles, Harris, etc. No Bird rights for any of them.
That's $26.85 million for 4 players under contract. Let's assume that both Jefferson and Collins get qualifying offers. Jefferson will count $6.80 million and Collins will count $5.66 million - even though their qualifying offers will each be less than half of these amounts.
Which brings the total to $39.31 million. Then add a 2004 1st round pick and a 2005 1st round pick at about $1 million each, and they're close to $41.5 million.
But this leaves them with only 8 players. So, the team also gets charged with the equivelent of 3 rookie players, an amount probably close to $1.2 million. That makes a team salary of about $42.7 million.
But wait, we're not finished. You have to add a Mid-Level Exception and a $1 million exception to that figure. Which brings the team salary to probably well over $49 million. Which will probably put them over the cap.
However, even if they are under the cap, they immediately lose their MLE and $1 million exceptions, which only takes them back to $42.7 million - not enough room to sign a max player. Maybe a player for $5-6 million. But without any other exceptions, it's all minimum salary contracts after that.
Here's Larry Coon's explanation of the 300% rule:
FAQ #28
Qualifing offers?
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