I don't see it that way. He's a young upside player that can either be traded for another player or could possibly contribute this year. If he is no good he still can be used for salary matching purposes which is something the Rockets also needed. No team will worry that much about taking him on for half a season.
It's not complicated- they overpaid to get a team option for 2015. They get to keep their flexibility to add another star.
NBADraft.net says his closest comparison is Bustjan Snackbar. Hopefully he has improved *massively since their analysis. http://www.nbadraft.net/players/kostas-papanikolaou
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Now that I don't know, but if he can play some D then he's going to see some minutes as he won't be a liability.
Guess what? You pay for good players. Who is the free agent that would have command that much? If we want to say Marion please, don't.
Pap will play a similar role that Shawn Marion would have, but he's 12 years younger. I really like this signing. He fits our needs perfectly as a backup 3 and 4. Now go get Goran Dragic.