The NBA free agency period starts July 1st, and as that date approaches I’ll preview this year’s free agent class in more detail. But for now, I’d like to take a look at which teams have the cap flexibility to be major players in free agency this summer. (Mind you, just because a team has cap space, it doesn’t necessarily mean that they’ll use it. Just sayin’.)

Not familiar with the NBA salary cap? Here’s a quick primer…

1. The cap for the 2008-09 season was $58.7 million. The general consensus is that the cap will stay flat or decrease slightly. We’ll assume it sticks at $58.7 million.

2. If a team is over the cap, the only free agents they can sign are their own, unless they elect to sign a player to the mid-level exception (~$5.8 million per season), the bi-annual exception (~$2.0) or to a minimum contract. (The bi-annual exception may not be used in two consecutive years.)

3. If a team is under the cap, they can sign any free agent they want as long as they do not exceed the cap. They can also take on salary via trade up to the cap, so a team like the Grizzlies (with almost $20 million in cap space) could conceivably trade their first round pick to the Suns for Amare Stoudemire or to the Raptors for Chris Bosh.

Here’s a list of the bigger names in the free agent pool this summer:

Unrestricted: Carlos Boozer, Ben Gordon, Ron Artest, Lamar Odom, Andre Miller, Shawn Marion, Jason Kidd, Hedo Turkoglu, Allen Iverson, Mehmet Okur, Rasheed Wallace, Mike Bibby, Anderson Varejao, Grant Hill, Kyle Korver, Trevor Ariza, Brandon Bass, Chris Andersen, Zaza Pachulia, Chris Wilcox and Drew Gooden

Restricted: David Lee, Paul Millsap, Ray Felton, Josh Childress*, Marvin Williams, Glen Davis, Ramon Sessions, Charlie Villanueva, Nate Robinson, Leon Powe, Hakim Warrick, Linas Kleiza, Jarrett Jack and Shannon Brown

* It appears that if Childress does return to the NBA, the Hawks still hold his rights, so he would be a restricted free agent.

There are eight teams that project to have more than $5.8 million (the value of the mid-level exception) in cap space this summer:

Memphis Grizzlies
Projected Cap Space: $19.7 million
Memphis has been reluctant to spend for several years now and is probably one of the franchises that’s struggling the most in the current economy. I lived in Memphis for three years, and given its small size and overall lack of wealth, I always thought that it would struggle to support a professional sports team. With a core of Rudy Gay, O.J. Mayo and Marc Gasol, the Grizzlies have to feel pretty good about what they have at off guard, small forward and center. The big decision this summer is what to do with restricted free agent Hakim Warrick. When dealing with bad teams, numbers can be deceptive, because no matter what, somebody has to score and rebound, right? Warrick’s PER (16.91) is #24 amongst power forwards, so ideally he’d be coming off the bench for a playoff team. The Grizzlies projected cap space assumes they make the qualifying offer to Warrick ($3.0 million). Memphis is one of those teams that could really use the services of a Carlos Boozer, David Lee or Paul Millsap, but in this economy, are the Grizzlies willing to make that kind of a commitment? They could try to make a run at Chris Bosh or Amare Stoudemire next summer, but the odds are long that either guy would want to play for the Grizzlies.

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- SLAM says that Rasheed Wallace will retire if he doesn’t get at least $8 million to play next season. By my count, there are seven teams — Memphis, Atlanta, Oklahoma City, Sacramento, Toronto, Portland and Minnesota — other than the Pistons that could give him that kind of money. Who would be interested in ‘Sheed? I’m guessing only teams that are on the verge of competing for a title and have a need for a big man with championship experience. The only “contenders” on that list are Atlanta and Portland, and neither seems to be a good fit. Portland already has a slender sharp-shooting big man in LaMarcus Aldridge, and the Hawks will likely spend their cap space on re-signing Mike Bibby (though that isn’t necessarily the right thing to do). So if Portland and Atlanta pass on Wallace, someone will offer him a mid-level deal (~$5.8 M) and he’ll have to decide if it’s worth it. Any team in the league can sign him for that, so if he lowers his price, demand will rise.

- Dwyane Wade reiterated that he will consider signing an extension once he’s eligible to on July 1st, but that he hasn’t given the idea much thought. The Heat would have a ton of cap space this summer had they held onto Shawn Marion and his expiring contract, but they instead traded for Jermaine O’Neal whom they thought would help their chances in the playoffs over the next two seasons. In the end, I doubt D-Wade will leave Miami. He’s a star there, the weather is great, and with Michael Beasley and a yet to be named big man (Chris Bosh, Amare Stoudemire) to be signed in the summer of 2010, the Heat have a good foundation for success. To me, the big question is whether or not Beasley can play small forward. If so, then the team should try to put together a starting lineup of Mario Chalmers, Wade, Beasley, Udonis Haslem and either Bosh or Amare.

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With the Mavericks’ 106-93 Game 5 win in San Antonio, it is the first time that Tim Duncan has lost a first round series. Tony Parker shot 55% from the field, and averaged 28.6 points, 6.8 assists and 4.2 rebounds per game. Battling sore knees, Duncan still shot 53% from the field, averaging 19.8 points and 8.0 rebounds. Normally, those kinds of numbers from the Spurs’ top two players would result in a series win. What happened?

1. No supporting cast.
Manu Ginobili was out. Duh. But the rest of the Spurs failed to step up in his absence. Parker and Duncan combined to shoot 100 of 185 (54%) in the series, which means everyone not named Tim or Tony combined to make just 75 of their 198 attempts (38%). Roger Mason shot 42% from long range during the season, but made just 37% in the series. The midseason addition of Drew Gooden was a bust; he averaged just 7.3 points and 3.8 rebounds, and shot 33% from the field. Without Ginobili, there wasn’t a third scorer to take the pressure off of Parker and Duncan.

2. Mediocre defense.
The Mavs averaged 96.4 points per game, shot better than 46% from the field and better than 38% from long range during the series. Now those numbers are by no means eye-popping, but they are very un-Spurs-like. San Antonio just couldn’t get the consistent stops it needed to make up for its overall lack of scoring. Josh Howard and Dirk Nowitzki were both stellar, while J.J. Barea and Brandon Bass played great off the bench when Dallas needed it.

The Spurs head into the summer with zero cap space, but with the fiscal state of the league, they’ll have a good opportunity to add a quality player at the mid-level exception, assuming they want to spend the money. My guess is that they will, given that Tim Duncan’s championship window continues to get smaller and smaller. The team is fine in the backcourt, with Parker, Ginobili, Mason and George Hill. They need help on the wing and in the frontcourt, so the priority will likely be a big man. Rasheed Wallace’s name has been floated, but Zaza Pachulia, Anderson Varejao, Brandon Bass, Chris Andersen and Antonio McDyess are cheaper options.

With the trade deadline in the rear view mirror and players tied to their current teams at least until the summer, it’s a good time to take a look ahead at the free agent class of 2009. Given the state of the economy and how so many teams are saving up for the class of 2010, some are suggesting that this summer’s free agency could be a “nuclear winter” of sorts, no pun intended. The salary cap and luxury tax thresholds are likely to decline for the first time in years and that has GMs and owners around the league scrambling to cut salary where they can.

There are three types of free agents: players with early termination options (ETO) or player options (PO), restricted free agents and unrestricted free agents.

Players with ETOs or POs

This group includes Kobe Bryant, Jermaine O’Neal, Al Harrington, Jamal Crawford and Mehmet Okur, but it’s highly unlikely that any of these guys will hit the open market given the kind of money they’ll be making by extending their respective contracts. Of this group, Hedo Turkoglu, Anderson Varejao and maybe Carlos Boozer are the only big names that are likely to hit free agency. Boozer has already stated that he’s going to opt out, but he may decide against it if he doesn’t come back strong from his injuries. Turkoglu — the reigning Most Improved Player — is having another nice season, but he’s not playing quite as well as last year. Still, he can command more than the $7.3 million he’s due to make next season. Varejao could stay with the Cavs and make $6.2 million next season, but he and his agent (Dan Fegan) have been looking for more. Varejao wants a long term deal but it seems he and the Cavs disagree on how much he’s actually worth.

For the most part, guys in this group are going to be conservative and play out their contracts.

The trade deadline is Thursday, and trade talk is really heating up. Marc Stein gives us the latest.

Two rival executives we spoke with Sunday night immediately wondered whether the Suns’ decision to replace Terry Porter with Alvin Gentry would convince Phoenix to “tap the brakes,” as one put it, on its Stoudemire talks. If the Suns are going to try to recapture a semblance of what they had under Mike D’Antoni, with the only holdover from D’Antoni’s staff taking over, you can understand why Gentry would prefer to have Stoudemire for the rest of the season to help the cause.

Stoudemire is still under contract for another season, so it wouldn’t hurt the Suns if they wanted to see what Gentry could do with this group before moving their star player over the summer. I’d say that the Porter firing makes it more likely that Stoudemire stays put, though I’d still put the chances at better than 50/50 that Amare is moved before the trade deadline.

Marc Stein wrote a nice piece discussing some of the bigger NBA trade rumors out there right now.

1. Can we really expect an Amare Stoudemire trade in the next two weeks?

Sources say it’ll happen in-season only if the Suns can find a deal that delivers a mixture of top young talent and payroll relief. Which won’t be easy.

2. A deal for Toronto’s Jermaine O’Neal remains readily available to the Miami Heat. The Sacramento Kings likewise would still love to send Brad Miller to Miami for Shawn Marion as long as they don’t have to take back Marcus Banks, too.

3. I’ve heard multiple rumblings in the past month that Washington has made rugged forward Caron Butler available. But our research disputes that.

4. Portland is naturally making calls to see what it can fetch with its LaFrentz chip, but it appears that there’s a much better chance that Kings swingman John Salmons will wind up with the Blazers — who have inquired about Salmons — than that Chicago’s Luol Deng will.

5. San Antonio’s desire to acquire one more big man (preferably a floor-stretching big man) to counter the Lakers and Boston is no secret.

Random thoughts…

I still can’t believe that the Suns are actually considering trading a former 1st Team All-NBA player in the middle of his prime, but apparently they are…Jermaine O’Neal torched the Lakers two nights ago and looked great doing so. If he joined the Heat, that would become a very interesting team to watch. The key is his staying healthy, however…The Wizards would be nuts to trade Butler away. He’s their best player and the cheapest of their big three…I don’t think I’d go after Salmons if I’m the Blazers unless they’re planning to start him. He doesn’t play well off the bench and given the team’s glut of wings, I don’t know that he’d be the best option in the starting lineup…I’d love to see what Rasheed Wallace could do in a Spurs uniform, but San Antonio doesn’t have any expiring contracts and the numbers just don’t work.

In previous columns, I ranked the top 10 free agents of 2010 and identified several players with expiring contracts that might be moved before the Feb. 19 trade deadline. Now it’s time to talk about cap space.

We’ve been hearing a lot lately about how teams are “clearing cap space� so that they can sign a big-name free agent in the summer of 2010 (or in some cases, 2009). But what exactly does this mean?

The NBA has a “soft cap� which is currently set at $58.7 million. Teams that are over the cap can’t sign a free agent from another team for more than the mid-level exception, which usually starts at around $5 million per season. Teams that are under the cap can offer free agents whatever cap space they have up to the level of a max contract, which starts at about $14 million per season under current conditions.

HoopsHype has all the salary data for each team, but I thought it would be useful to compile it all into one table so we can easily see who will have money to spend over the next two summers.

First, my assumptions:

- Given the current state of the economy, the salary cap is likely to stay at about $59 million over the next two seasons, so I used the current cap ($58.7 million) to calculate each team’s cap space.

- Certain players have already indicated that they’re planning to “opt out� of the final year of their contracts so that they can enter free agency. For those that have not announced, I used my best judgment to determine whether or not a player is likely to opt out. For example, LeBron James is very likely to opt out of his contract in the summer of 2010, but Michael Redd, who stands to make more than $18 million that same season, is likely to play out the final year of his deal because he’s not going to get anything close to that kind of money on the open market.

- I’ll also list the major (and some minor) decisions that each franchise will have to make over the next two seasons. These are typically decisions about whether or not to re-sign a player whose contract is up (or is entering restricted free agency). For example, if the Knicks decide to sign David Lee to a long-term deal, it’s going to have an impact on the team’s available cap space.

Without further ado, here’s the table, sorted by total projected cap space in the summer of 2010.

The starters for the NBA All-Star Game have been announced, and Allen Iverson is amongst the starters in the East. In my picks, I didn’t even have him on the roster, much less in the starting lineup. The Pistons are a mediocre team and AI is having one of the worst seasons of his career. Maybe that’s not his fault, but it doesn’t mean that he should get a golden ticket into the All-Star Game every season. More importantly, there are at least five guards — Joe Johnson, Devin Harris, Jameer Nelson, Ray Allen and Vince Carter — that are more deserving. With AI’s inclusion, there won’t be room for at least two of them in Phoenix.

Here’s a look at their stats…

AI: 16.15 PER, 17.9 ppg, 5.4 apg, 3.3 rpg, 1.6 spg, 42% FG, 28% 3PT
JJ: 18.85 PER, 22.0 ppg, 6.0 apg, 4.5 rpg, 1.0 spg, 43% FG, 35% 3PT
DH: 23.16 PER, 21.8 ppg, 6.4 apg, 3.0 rpg, 1.6 spg, 45% FG, 32% 3PT
JN: 20.87 PER, 17.1 ppg, 5.3 apg, 3.4 rpg, 1.2 spg, 51% FG, 44% 3PT
RA: 17.96 PER, 18.0 ppg, 2.7 apg, 4.5 rpg, 0.9 spg, 50% FG, 41% 3PT
VC: 20.6 PER, 21.5 ppg, 4.7 apg, 5.0 rpg, 1.0 spg, 44% FG, 40% 3PT

And here’s an argument for each guy…

Joe Johnson: The Hawks are a game ahead of the Pistons and JJ’s stats are better in every category except for steals. I think Johnson deserves to start.

Devin Harris: The Nets are only 5 1/2 games behind the Pistons — let’s face it, both teams are mediocre — and Harris’ numbers are vastly better than Iverson’s.

Jameer Nelson: He’s having the second-best season of anyone on the Magic, and they are 8 1/2 games ahead of the Pistons. Iverson’s scoring is a bit better, but Nelson is a far better shooter and is as good or better than AI in every other category.

Ray Allen: They have the best record in the East, 10 games better than the Pistons. Allen is a far better shooter, and while his assist and steal numbers are lower than AI’s, he’s a better rebounder.

Vince Carter: See Devin Harris. Seriously, I prefer all these other guys to Carter, but I prefer Carter to Iverson. His numbers are better pretty much across the board and the Pistons and Nets aren’t too far apart in the standings. Carter and Harris are carrying the Nets while AI has more help — Rasheed Wallace, Rip Hamilton, Rodney Stuckey and Tayshaun Prince (who is more deserving of an All-Star nod due to his terrific defense and good stats).

Since AI is in, that means we have to cross two players off that list of five (as there is likely to be just three additional guards on the roster). I would go with Johnson, Harris and Nelson. The Magic deserve two All-Star nods and Nelson’s numbers are a bit better than Ray Ray’s. As for Carter, the Nets probably don’t deserve two spots.

The NBA trade deadline is less than a month away, so it’s a good time to talk expiring contracts. These are players that are in the final year of their deals, which makes them trade fodder for teams looking to cut salary this summer. I’ll list each player by contract size, whether or not he can still play, and discuss the possibility that they’ll be traded by the trade deadline. I’ll also dig into the strategy that their current teams should and/or could be utilizing when considering a trade.

All salary data is from HoopsHype, and I’ll assume – given the bad economy – that the cap will stay at about $59 million next season. (In fact, it might even be lowered.)

Allen Iverson, Pistons
Salary: $21.9 million
Detroit is 20-15 since trading for AI, and considering the franchises successful run over the past few season, that’s disappointing. But the Pistons didn’t make this trade to acquire AI, they made the trade to rid themselves of Chauncey Billups’ contract, which runs through 2011. Was this wise? Probably not, at least in the short term. Billups is one of the top point guards in the league and is doing great things with his new team. But since the Pistons like what Rodney Stuckey can do (and justifiably so), Billups became expendable. GM Joe Dumars made the deal to give the team the financial flexibility to retool the roster over the next two summers, and with Iverson and Rasheed Wallace coming off the books, the Pistons will have about $26 million to spend this summer. They could opt to sign Carlos Boozer, but would likely have to pony up big bucks to do so. He would probably start at $14 million, so that would leave $12 million to re-sign the 34 year-old Wallace or another center. The team could conceivably sign Boozer, then wait a year, let Rip Hamilton’s contract expire, and then sign Chris Bosh or Amare Stoudemire in the summer of 2010, giving the team a core of Stuckey, Boozer, Tayshaun Prince and either Bosh or Stoudemire to build around. Not bad. Considering the main reason the Pistons traded for AI was to cut salary, the chances of them trading him (and taking on salary in return) aren’t good. (Though a Marion-for-Iverson swap might help both teams in the short term.)
Chances of being traded: Low

When I saw the headline — “’09 free agents may be better than ’10 class” — I was ready to jump all over David Aldridge for saying that any free agent class could be better than the one that will likely feature LeBron James, Dwyane Wade, Chris Bosh and Amare Stoudemire. But as I read the full article, he made some sense. I still don’t agree with him, but I see his point.

Here’s a look at the possible free agents in ’09:

Those with asterisks either have options for ’09 or can terminate existing contracts for ’09, and many are expected to do one or the other, for one reason or another:

Kobe Bryant*, Carlos Boozer, Shawn Marion, Ron Artest, Lamar Odom, Hedo Turkoglu*, Mehmet Okur*, Andre Miller, Mike Bibby, Jason Kidd, Allen Iverson, Rasheed Wallace, Kyle Korver*, Anderson Varejao*, Drew Gooden, Stephon Marbury, Grant Hill, Brandon Bass, Joe Smith, Wally Szczerbiak, Zaza Pachulia and Anthony Parker. Jermaine O’Neal could join the group if he walks away from $23 million next season. (Don’t hold your breath. There’s no asterisk by Boozer because he’s already said he’s opting out next summer.)

Aldridge has four major arguments:

1. 2010 is fool’s gold.

It doesn’t take a rocket scientist to figure out that unless seismic changes take place, James is either going to stay in Cleveland in 2010 or go to New York. Maybe Los Angeles. Wade will almost certainly choose between Miami, New York, L.A. and Chicago. Bosh will choose between the preceding cities and, perhaps, Detroit. And that’s it.

Without the Big Three on the market for most NBA cities, the ’10 class loses a good bit of its luster. That’s going to leave a lot of teams with max money to spend on mostly not-max players.