Memphis GM Gerald Wallace took a lot of heat for trading Pau Gasol to the Lakers. But if we’ve learned anything in the past few days, it’s that Wallace was simply a man ahead of his time.

On Tuesday, we learned that the Bucks agreed to trade Richard Jefferson to the Spurs for Bruce Bowen, Kurt Thomas and Amir Johnson. (Fabricio Oberto was part of the original deal, but San Antonio sent him to Detroit for Johnson, who was then sent to Milwaukee.)

Regular readers know I’m a Bucks fan, and I spent the last couple of days grumbling on the Sports Bubbler message boards about how we didn’t get anything in return for Jefferson, who is still a pretty good player. When Wallace traded away Gasol, at least he got Javaris Crittenton (who was considered a prospect with upside at the time) and Pau’s brother, Marc, who turned out to be a productive center for the Grizzlies.

Then I wake up today to see that the Cavs and Suns have agreed to go through with that long-rumored trade that will send Shaq to Cleveland for salary cap relief. Who do the Suns get in return? A retiree (Ben Wallace), a bench player with a partially guaranteed contract (Sasha Pavlovic), some cash and a second round pick.

This is the going rate for a Third Team All-NBA center these days.

We knew that this summer had the potential to be a rough one for free agents, but it’s a little surprising to see that good players like O’Neal and Jefferson could be had for virtually nothing. Bucks owner Herb Kohl and Suns owner Robert Sarver realize that their clubs aren’t legitimate contenders, so they don’t see the point in paying the luxury tax just for the privilege of being knocked out in the first round of the playoffs. What kind of an effect these moves have on season ticket purchases remains to be seen.

The bottom line is that if a team is willing to spend, there has never been a better time to acquire talent. You’re not going to get someone like Caron Butler, who plays for a (pretend) contender and has a reasonable contract, but you can get Jefferson, who is overpaid and is on a mediocre team that is up against the luxury tax. And the older the player, the more likely he’s available. Teams aren’t going to give up good players that are in their early- or mid-twenties because the plan is to rebuild before they’re over the hill.

So who might be on the move for a bag of peanuts and some salary cap flexibility? How about Tracy McGrady, Baron Davis, Chris Kaman, Marcus Camby, Vince Carter, Tyson Chandler, Amare Stoudemire, Jermaine O’Neal, Michael Redd, Ray Allen or Rip Hamilton?

Truth be told, a team like the Suns isn’t going to give the youngish Stoudemire away for cap flexibility alone. But as the price of a star goes down, the price of superstar goes down as well.

It promises to be an interesting summer.

The economy is really starting to take its toll on professional sports, and the NBA is no different. Bad contracts are bad even when the economy is pumping, but they really stand out in tough times like these. So I decided to look through the payrolls team-by-team to try to identify the worst contracts in the NBA. I expected to list 15-20 names, but I ended up scribbling down 68. That’s right, there are no fewer than 68 bad contracts in the NBA.

I didn’t include any of the players that are in the final year of their contracts because…well, what’s the point? They’ll be off the books in a few months anyway. Instead, I wanted to focus on those contracts that are going to haunt teams for years to come, so to be eligible, players have to have at least a year left on their current deals.

It’s tough to compare someone making superstar money to an average, everyday role player, so I split these 68 contracts up into three groups: the Overpaid Role Players, the Not-So-Super Stars and the Injury-Prones. I will rank them from least-worst to most-worst with the thinking that I wouldn’t trade the player for anyone further down the list but I would trade him for anyone previously mentioned. So, for example, if a guy is listed #7 within a particular group, I’m not trading him for anyone ranked #6-#1, but I would think seriously about moving him for a guy that is ranked #8+.

So let’s start with the role players and go from there…

(Note: In most cases, I don’t blame the player himself for his outrageous contract. The fault lies with the general manager that inked the guy to the deal. However, this rule goes out the window if the player has a history of only producing in his contract year – I’m looking at you, Tim Thomas.)

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 outâ€� 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 answer is yes, according to Stephen A. Smith. Bosh has apparently told the team he doesn’t have any interest in staying in Toronto, and Smith said that Miami and Dallas were likely suitors in a possible trade.

Bosh’s contract runs through the 2009-10 season, so he is one of the members of the vaunted free agent class of 2010. Raptors GM Bryan Colangelo is no dummy, so his first step will be to try to convince Bosh to stay. If that fails, there’s a chance that the team could move him before the trade deadline, which is about three weeks away. They should be able to get more for Bosh now than during the offseason since whatever team trading for him will have his services for the remainder of this season and the playoffs.

Smith mentioned the Heat and the Mavericks as possible trade partners. Miami’s major trading chip is Shawn Marion, but he’s in the final year of his contract and most of the league seems to be unwilling to pay him what they believe he is going to ask this summer. For that reason, trading for the Matrix is a dicey proposition. In Dallas, Josh Howard would presumably be the centerpiece of a deal for Bosh, though he has now stated publicly that he wants to stay in Dallas.

One team that should put a trade offer together is the Cleveland Cavaliers. They do have Wally Szczerbiak’s expiring contract ($13 M), so the Raptors could get immediate salary cap relief. They could package Wally’s contract with J.J. Hickson and two or three future first round picks and see if the Raptors bite. It would be a heck of a lot easier to re-sign LeBron if Bosh were already in Cleveland.

I’d also like to see the Bucks make a play for the talented power forward. Would the Raptors take Michael Redd and Charlie Villanueva for Bosh? I realize that Bosh would be unlikely to re-sign unless the Bucks vaulted into the top four in the East, but with a starting lineup of Ramon Sessions, Charlie Bell, Richard Jefferson, Bosh and Andrew Bogut, that would be one of the better teams in the East.

I really don’t know what happened to the Raptors. After re-signing Jose Calderon to a long-term deal, acquiring Jermaine O’Neal to help down low, and the emergence of Andrea Bargnani as a legitimate scorer, the Raptors should be a lot better than they are. They’ve already lost two in a row and they have the Lakers, Cavs and Hornets coming up in a brutal three-game stretch. And now the news breaks that their franchise player doesn’t want to return.

Things are bad in Toronto.

2/2 Update: Bryan Colangelo says the rumors about Bosh not wanting to re-sign with Toronto are untrue.

“It isn’t true,â€� said Colangelo. “It’s a complete fabrication.â€�

“It’s a non-story. Stephen A. got a little carried away. I’ve e-mailed him to talk about it but he’s in bed with the flu. Maybe the basketball Gods have something to do with that. I don’t know where that story came from.â€�

It will be interesting to see what Smith has to say about this. He didn’t cite a source or act like he was breaking a story; he just said that Bosh has already told the team he doesn’t want to return as if it were common knowledge. I’d like to see Smith defend himself here.

2/3 Update: Chris Bosh speaks out about the story.

The Milwaukee Bucks’ playoff chances took a serious hit Saturday when Michael Redd went down with a knee injury.

Michael Redd has battled through some serious injuries during his pro basketball career but he has never had an injury that required surgery.

That’s why the Milwaukee Bucks guard is going through a difficult time after tearing the medial collateral and anterior cruciate ligaments in his left knee Saturday night against Sacramento.

Redd will undergo surgery in early February, although no date has been established yet.

The Bucks still have enough talent to finish in the 7th or 8th spot in the East, but they have to play with more consistency. Richard Jefferson, Charlie Villanueva and Andrew Bogut are going to have to pick up the scoring slack.