Capologists - when are the Rocks ACTUALLY under the cap for '01?

In the lull before the Draft and the FA signings, there is a lot of CC.net talk of "trade so and so plus picks for so and so etc, etc..." types of posts here. I paraphrase the CBA -

26. How much do free agents count against their team's salary cap?
The free agent amount depends on the player's previous salary and what kind of free agent he is:

Larry Bird types
Early Bird tpes
Non-Bird types

Here's an example:
Let's say a player who made $5 million during the previous season becomes an Early-Bird free agent. According to this chart, the player's free agent amount is 130% of his previous salary. So this player counts $6.5 million against his team's team salary while he is a free agent.

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From reading this, I would conclude that the Rockets are OVER the cap until enough FA'a are renounced to put them UNDER the cap. Thus, if the Rockets have not renounced any FA's as of Draft Day, they are OVER the cap in making Draft Day trades. True or False???

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Raef to Rocks in '01-'02!


[This message has been edited by GATER (edited May 26, 2001).]