from espn's chad ford:
Based on current projections, only two teams -- the Memphis Grizzlies and the Philadelphia 76ers -- will have enough money under the cap to spend on the top-tier free agents.
The Memphis Grizzlies got under the cap by trading away Pau Gasol for expiring contracts. But Grizzlies GM Chris Wallace has sent signals that the team might not spend its estimated $12 million in cap room this summer. Instead, some expect the Grizzlies to wait until the summer of 2009, when they could have more cap space.
The Philadelphia 76ers could have around $20 million in cap space. But to get there, they would have to waive restricted free agents Andre Iguodala and Louis Williams, which seems very unlikely. Therefore, it appears the Sixers will have around $10 million in cap space
Both of these teams will have AT MOST 10 million available. Both teams are covered at the point, I doubt any will have the slightest interest in Jose as they have more pressing needs.
The only other danger could come from the Wizards, if they let Arenas walk away (the smart decision in my opinion). They will have some money to go for another pg, they play a fast style like we do, it's something to consider for Jose.
But all things considered, we should be able to sign Jose for ~8 million, in the TJ range without any outside competition!