UPDATE: Via Yahoo’s Adrian Wojnarowski, the Houston Rockets have decided to use the amnesty provision on forward Luis Scola.
This from the Houston Chronicle:
Getting in position for the planned next move will be difficult. To create enough cap room for the kind of blockbuster trade that has been proposed, the Rockets are considering making veteran forward Luis Scola an amnesty cut, likely in the next 48 hours, a person with knowledge of the move said. That would create enough cap room for the Rockets to take on the additional contracts necessary to complete a trade for Howard.
Scola, 32, is due $21 million guaranteed over the next three seasons. The Rockets could wait until Tuesday to make Scola an amnesty cut, by which he would receive his full guaranteed salary but not count against the salary cap or luxury tax figures.
I had discussed the possibility of this nuclear option many times throughout the season: it would give the team the ability to take back the garbage contracts of the Orlando Magic, offering that team a full-fledged opportunity to reload.
As this is a family blog, I won’t go deep into the financial ramifications of the various potential possibilities at this moment – we’ll cross that bridge when it comes. But there are several bad contracts any of which could be assigned to the Houston Rockets in mere days.
Contrary to popular belief, Hedo Turkoglu, owed $12million next year, is the least sinister amongst this group. With just one year remaining, despite the lump sum, that’s a pill that is palatable. Glen Davis (owed $6.4mill~ each of the next three years), and Jason Richardson (owed $5.8million, $6.2million, and $6.6million in the next three years) are the guys who will hurt.