Larry Coon just tweeted something I had not been aware of:

@LarryCoon Enjoy your day. Please answer if have a second: After July 1st if a team has space below the salary cap...

@LarryCoon ...if they take on salary that uses up that cap space, do they have to renounce their exceptions like they would if signing a FA?

@RapsFan2 What do you mean by "take on salary?" If they have enough cap space to sign someone, then by definition they already don't have

@RapsFan2 ...exceptions. If you mean in trade, then no, they can keep their exceptions.

@LarryCoon Thanks, Larry! Yes, by "take on salary" i meant trade. So if Raps trade for Gay after July 1st, still have Barbosa TPE and MLE?

Larry Coon ‏@LarryCoon

@RapsFan2 Right.

So when this thread was started, the options given were not inclusive - the Raptors can trade (i.e. use cap space) and use exceptions after July 1st.

Despite all the public wailing of Colangelo about the near $12M in cap space the Raptors have before July 1st (and this is true, no team can offer the salary relief Toronto can offer prior to July 1st EXCEPT Sacramento - and possibly Denver with a $13M TPE and Utah with a $10.5M TPE), the Raptors can still use their cap space for a trade AFTER July 1st AND keep their TPE from Barbosa trade and mid-level exception plus Bird Rights for Bayless, Gray, and Weems.

The only disadvantage to a trade after July 1st is there will be many more teams with cap space thus increasing competition for a more advantageous deal.

Whether a trade happens before or after July 1st, the trade route - not free agency - seems to be the best way to 'spend' the room below the salary cap.