The gut reaction is that this would be dumb. However read on and offer you comments including "dumb" on what the Raptors could do with their new found $13.7 million in cap space including possible trades, free agent signings, plus three draft picks next month
If Bosh walks and is renounced ($63.4 – $17.1) the Raptors will be down to $46.3 in cap hold million plus Johnson. Let us say that BC can get Johnson to sign a deal where his salary in 2010-11 was the same as 2009-10 or about $3.6 million. So now the Raptors are up to $50.0 million vs a salary cap of $56.1 million.
Now you have Reggie at $5.1 and Banks at $4.8. Let us say through some slight of hand that BC can move both of these guys for draft picks.
For example Atlanta is under the cap and has the 24th pick. So they will take Reggie for their #24th pick. The 24th pick rookie salary scale is is a little under $1 million. So now the Raptors have picked up a first round draft pick as well as an additional $4.1 million toward the cap. Now they are down to $45.9 million cap hold.
Let’s say that the Raptors trade Banks to Grizzlies for their 43rd pick, no salary guarantee for second rounders. Let us say that BC even has to pay $1.5 million of Banks 2010-11 contract to get the deal done.
Now the Raptors would have $42.4 in salary cap hold. In addition they will have the 13th, 24th and 43rd picks.
So they will be $13.7 million under the cap level including have signed Johnson and three draft picks from this draft.
Good cap space and lots of flexibility for more more trades or a very good free agent signing. In addition the Raptors will have their MLE worth about $5.5 million in 2010-11.