Originally Posted by DanH
Yep, you're right. His cap hold is pretty big too - the Raptors
would likely not pay him as much as his cap hold is, so they would actually free up space by signing him, rather than the other way around. Of course, renouncing him is totally the way to go if you need cap space, but you do indeed lose all rights to him.
I'd say that the reasoning is a sound one if the money you are going to give your own FA is more than the cap hold and you don't mind the hold when signing FAs from other teams.
I don't think either is the case with Raps and Bayless this summer.