The order of transactions does not matter. Everything is based on the cap situation at the end of the season.
Play on this website for a while:
https://www.spotrac.com/nba/portland-trail-blazers/cap/2021/
For this '21-'22 Season, the Cap is currently projected to be $112M with the Lux Tax line being at $136.6M
https://bleacherreport.com/articles...xury-tax-reportedly-set-for-2021-2024-seasons
By my calcs, the Hard Cap will be ~$141.5 M.
If Hard Capped, the team must stay below the number at all times for the entire season - no exceptions.
Current Cap Scenario
Dame - $39.3M
CJ - $30.8M
RoCo - $13.0M
Nurk - $12.0M (Portland will guarantee this contract)
DJJ - $9.7M (Assuming he'll opt into this contract)
Ant - $3.9M
Little - $2.3M
Elleby - $1.5M
Nicholson - $2.8M (dead cap space)
$115.3M for 8 players (which is already above the cap line)
Tools available to sign players
Bi-Annual Exception - $3.6M ->
(if used, will be hard capped)
MLE (~$10M) or Tax MLE (~$6M) ->
if the Full $10M MLE is used, the team is hard capped
Sign & Trade ->
If receiving the FA player via S&T, the team is hard capped
Bird Exceptions -> Allows us to resign our own FA to new deals
Rookie Contracts -> Portland doesn't have any picks this draft...
Minimum Contracts -> Each one has ~$1.8M cap hit
Scenario Planning
Option A (go 'all in' with the current players)
+ Resign Powell @ $20M/yr (Bird Exception)
+ Resign Collins @ $7M/yr (Bird Exception)
+ Resign Kanter @ $5M/yr (Bird Exception)
+ Let everyone else walk
= ~$148M in salary for 11 players. Since Portland is over the Hard Cap, we'd only have the Tax MLE and Min Contracts available to fill out the remaining 4 roster positions.
Total Team Payroll would be ~$158M (with an additional ~$85M tax bill)
Paying $250M on a first round exit team is not a smart decision....
Option B (the FA play)
+ Resign Collins @ $7M/yr (Bird Exception)
+ Resign Kanter @ $5M/yr (Bird Exception)
+ Let everyone else walk
= ~$128M in salary for 10 players. Portland would be within $14M of the Hard Cap (with 4-5 roster spots to fill). Assuming Portland only caries 14 players on the roster, Portland could sign 3 players to Min Contracts. That would only allow Portland to use
part of the normal MLE and sign someone up to ~$8M. IF Portland decides to let Kanter or Collins walk, we could possibly use the FULL MLE ($10M) and the Bi Annual Exceptions ($3.6M) to sign new players.
Total Team Payroll would be ~$141M (with an additional ~$20M tax bill)
Conclusion
This summer is going to be very disappointing to most fans. Portland will be stuck in Cap Hell with very few options for improvements. I'd anticipate that they are targeting someone with the Tax MLE ($6M) and Min Contracts in FA.