Although, technically, to add to that, a team does not have to renounce ALL it's rights to be able to have cap space. It's just that what cap holds they keep will reduce the cap space. So, let's say the Raps would have roughly 12 million in cap space if they renounced all their rights. Instead, they could decide to not renounce Weems. This means they keep his rights and have about 11 million in cap space.
So, theoretically, if the team wanted to maintain flexibility through the year, they could renounce all their free agents, amnesty Jose, and have about 36 million committed. Leaving about 22 million in cap space. We COULD decide not to renounce the TPE, leaving room for a max contract offer for Williams, then use the room MLE and minimum salary guys to fill out the roster. Then we would have that 7.6 million TPE in flexibility during the season.