Who to dump and why?

I am obsessed with the process of building championship teams and Miami has a golden opportunity to do just that. Today we look at the remaining roster to determine who should be traded or released in order to get further under the cap and accomplish this goal:

C - J. Anthony ($850k) - player option

PF - M. Beasley ($5M)

SF - J. Jones ($4.7M - $1.9M if bought out)

SG - D. Cook ($2.2M)

PG - M. Chalmers ($850k) - team option

Bench:

1st Round pick ($1.25M)

These six players would account for $14.85M out of the projected $56.1M cap, which leaves $41.25M to fill out the remaining 6 spots for a 12 man roster. It is a forgone conclusion that Miami will fill at least the three remaining roster spots with minimum deals, if not more, in order to exceed the cap and maximize the amount of money spent on the top end of the roster. In terms of max type contracts, you have the flexibility to sign:

Max A: $16.8M

Max B: $16.8M

Free Agent C: $6.15M (slightly above mid-level)

You have an extra $500K to spend for every extra player that you fit into that cap space.

Let's take a look at Miami's options with the idea of maximizing cap space:

1) Cut James Jones - this option costs the team $6M over three seasons, so I don't expect it to be a slam dunk as many expect. The cap hit would be reduced from $4.7M to $1.9M if he were to be cut, which would bring the cost of his roster spot down to $2.4M when you factor in his cap hold. A savings of $2.3M that could be spent on another player. Obviously, this would be a step in the right direction, but could Miami do better?

Max A: $16.8M

Max B: $16.8M

Free Agent C: $8.45M

You have an extra $500K to spend for every extra player that you fit into that cap space.

2) Trade James Jones - By keeping James Jones, Miami is committing to pay an extra $2.3M for one of the top 3 point shooters in the NBA if it fails to unload him. However, it stands to gain an extra $1.9M if it finds a taker for the 3 years and $15M on his deal. I believe $3M and two future first round picks could be thrown in to a team that is under the cap to take him. Before anybody gets too upset about giving away draft picks, keep in mind that late first round picks are often sold in the $1-3M range. So, if we value our future late first round picks at $1.5M each, it is like we are paying a team that same $6M it would cost us to cut James Jones straight up and we gain $1.9M in cap space in 2010, $2M in 2011, and $2.1M in 2012. With that proposed trade, Miami would likely be taking back a future second rounder. Our free agent prospects would be increased a bit:

Max A: $16.8M

Max B: $16.8M

Free Agent C: $10.35M

You have an extra $500K to spend for every extra player that you fit into that cap space.

3) Trade DaeQuan Cook - if Miami traded DaeQuan for a second round pick, it would have an additional $1.7M in cap space. I don't think Miami wants to do that or they would not have picked up his option, but for the sake of this exercise:

Max A: $16.8M

Max B: $16.8M

Free Agent C: $12.05M

You have an extra $500K to spend for every extra player that you fit into that cap space.

4) Trade First Round Pick - trading the pick for a secound rounder plus a future first rounder would give Miami an extra $750K in cap space this year.

Max A: $16.8M

Max B: $16.8M

Free Agent C: $12.8M

You have an extra $500K to spend for every extra player that you fit into that cap space.

5) Cut Mario Chalmers - this clears $350K off the books and you could always resign him for the league minimum if nobody offers him a better deal (a possibility):

Max A: $16.8M

Max B: $16.8M

Free Agent C: $13.15M

You have an extra $500K to spend for every extra player that you fit into that cap space.

6) Beg Joel Anthony to opt out - this clears an extra $350K off the books and you could offer him another minimum contract with a player option if he fails to attract a bigger deal (a possibility):

Max A: $16.8M

Max B: $16.8M

Free Agent C: $13.5M

You have an extra $500K to spend for every extra player that you fit into that cap space.

7) Trade Michael Beasley - I think Miami could get as much as two lottery protected picks for the former #2 pick in a deal for cap space. Doing this would clear enough money for three max free agents:

Max A: $16.8M

Max B: $16.8M

Free Agent C: $18M (some free agents are eligible to make more than Wade/LeBron/Bosh)

Add $500K for every extra player that you fit into that cap space

If you go for option 7, you could possible keep Mario Chalmers, Joel Anthony and the first round pick... or maybe DaeQuan Cook... or maybe cut James Jones instead of trading him. Either way we will have to essentially gut the roster in order to get three max free agents, because each seven year vet can take up 30% of the cap.

I like option 5, because each of the max players can take a $1.1M paycut to fit in a young star into the core. Watching the NBA Finals has made it clear that you need as many stars as you can get to be dominant in today's NBA. Considering Riley plans on maxing these guys out again when they are eligible to get 35% of the cap after their 10th season, it really is not much of a paycut to take in order to build a dynasty. Miami has Michael Beasley for $5M in 2010, a team option in 2011 for $6.3M, and a qualifying offer in 2012 for $8.2M. By taking what amounts to a $4M pay cut over three seasons the players are adding either a superstar in the making or a tradable asset who will be just 23 by the time he becomes restricted.

For perspective, Shaq took a $25M paycut over 5 seasons when he signed his extension with Miami, opting for 5 years, $100M when he could have easily forced Miami to pay 5 years, $125M for his services. Of course, this also works against Miami since Riley delivered only one championship team in exchange for that $25M discount.

If the players do not want to take the paycut, I like option 4, because it is enough money to sign Rudy Gay to his max deal, perhaps Memphis would be interested in some of those trade offers and we know they coveted Dorell Wright last season.

The more times I do these mental exercises, the more appreciation I have for the challenge ahead. So many options but $56M can only buy so much. Sign and trades could allow the team to keep a few more guys from last season as well as add another player or three with the mid-level and the bi-annual exceptions at their disposal, but that is something we will explore another day.