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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Having dropped Game 1 at home, both the Celtics and the Spurs were in “must-win” mode on Monday night.

The Celtics/Bulls series is shaping up to be a great one. After a 29-point, nine-rebound, seven-assist effort in Game 1, Rajon Rondo turned in a stellar 19-point, 16-assist, 12-rebound triple-double in Game 2, which the C’s won, 118-115. He also had five steals and turned the ball over just twice. If this kid can get a consistent jump shot, he’s going to be a nightmare. Hell, he’s already a nightmare.

Derrick Rose was the best player on the floor in Game 1, but he came back to Earth in Game 2. Ten points, seven assists and six rebounds is a solid line, but Ben Gordon (42 points) was the star for Chicago in Game 2. What’s amazing about Gordon is how thin his line is. He had one rebound and one steal, but failed to register an assist, a block or even a single turnover. Gordon is a scorer and that’s it, but the name of the game is basketball and he can really light it up.

Ray Allen came up huge in the second half with 28 points over the final two periods, including the game-winner with just 0:02 to play. He scored just six points over the previous four quarters. Wow.

Moving on to the San Antonio/Dallas series, without Manu Ginobili, the Spurs are lacking a third scorer, but Tony Parker was able to carry his team on his shoulders with a 38-point, eight-assist effort en route to a 105-84 win. Jason Kidd can’t keep Parker in front of him, which is why I thought the Spurs would win this series, but J.J. Barea came off the bench in Game 1 and did a decent job containing Parker. Game 2? Not so much.

The Mavericks have home court advantage now and they’ve been great (32-9) at the American Airlines Center this season. The Spurs have the 5th-most road wins in the league, so they’re more than capable of stealing a game in Dallas.

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.

Here’s a quick list of the top 10 shooting guards under the age of 26, ranked in the order of a combination of current performance and trade value (regardless of salary).

I’ll also list the player’s age and his Player Efficiency Rating.

1. Brandon Roy, Blazers
Age: 24
PER: 22.93
How do you like Roy’s smooth 21.1 points and 5.3 assists? He’s the cornerstone to a resurgent Portland franchise.

2. Kevin Martin, Kings
Age: 25
PER: 18.90
His line is a little thin – 2.9 assists, 2.8 rebounds – but boy can he score.

3. Kevin Durant, Thunder
Age: 20
PER: 17.26
His FG% is three percent higher this season and he’s hitting 47% of his treys. I’d rather see him play small forward, but he’s listed as an off guard.

4. O.J. Mayo, Grizzlies
Age: 21
PER: 17.13
It’s tough to argue with Mayo’s 21.3 points per game, especially when he’s shooting pretty well from the field (46%) and long range (39%). The Grizzlies have something going with their core of Mayo and Rudy Gay.

5. Andre Iguodala, Sixers
Age: 23
PER: 14.56
It has been a down year for Iggy, who has seen his scoring drop by 6.0 points per game since the arrival of Elton Brand. His FG% is down and his 3PT% is brutal (23%), but his rebounds and assists are up. Think the Sixers would trade him for Mayo or Durant straight up? I do.

6. Rudy Fernandez, Blazers
Age: 23
PER: 18.35
He’s been better than advertised. He’s only playing 26 minutes a game, but he’s scoring well (11.6 ppg) and is shooting the long ball often (2.3 made threes per game) and accurately (44%).

7. Ronnie Brewer, Jazz
Age: 23
PER: 16.32
Brewer is building on last year’s breakout season. He’s not a great three-point shooter (32%), but he’s improved in that area of the game. His contributions elsewhere – 3.1 rebounds, 2.9 assists, 2.0 steals – make him valuable.

8. Ben Gordon, Bulls
Age: 25
PER: 17.77
Gordon is playing for a contract and while his points are up (20.4), his three-point accuracy is down (37%).

9. Delonte West, Cavs
Age: 25
PER: 14.52
West has settled in nicely with the Cavs. He’s averaging 11.4 points, 3.6 rebounds and 3.0 assists, and is shooting 50% from the field and 41% from long range.

10. Nick Young, Wizards
Age: 23
PER: 15.03
His line is thin, but he’s averaging 11.8 points in 24 minutes, and basketball is (mostly) about putting the ball in the hoop.

Other lists:

Top 10 Young Point Guards
Top 10 Young Small Forwards

Larry Hughes is averaging 19 minutes in the four games he’s played in since returning from injury, and he’s not happy with his role.

“I don’t want to play like this,” Hughes said. “I’m not comfortable with 15-20 minutes. Something has to change.”

“You have to understand that situation and I do,” Hughes said. “We have a lot of guys at one position. Somebody has to come off the bench and you accept that role. But I’m not expecting 15-20 minutes, and I don’t want to deal with that.”

Hughes, a former All-Star and starter for an NBA finalist, said he would accept coming off the bench as long as his minutes increased.

“We all understood the situation going in,” he said. “I want to give it a little time, but being put in a situation not to succeed doesn’t do me or the team any good.

“I have a lot to offer as far as helping guys out. I want to be a positive influence. But not being out there in crucial times, I don’t see the benefit.”

Where do I start?

Hughes is shooting 38% from the field in four games and he’s demanding more minutes? His dreadful FG% would not be a big deal if he had a history of being a solid shooter, but he shot 38% last season and 40% the year before, so it’s not like he’s going to suddenly light it up.

Speaking of lighting it up, Derrick Rose is the frontrunner for Rookie of the Year honors while Ben Gordon is averaging 20.6 points on the season, so it’s not like Hughes can argue (with a straight face) that he should get more minutes at their expense.

Then there’s the issue of Kirk Hinrich coming back from injury. I’m afraid that Hughes is only going to see his minutes decrease when that happens, so he should be making the most of the playing time he’s getting now instead of complaining about it to the press. If he were more productive, the Bulls might be able to trade away Hughes and the two-years/$26 million remaining on his contract to a team that would be able to give him more minutes.

As it stands, it looks like Hughes will remain a Bull, and an unhappy one at that.