So the C's have reportedly offered Rasheed Wallace the full Mid-Level Exception over 2 years. So I got to wondering why the C's would blow their full MLE on a guy and leave themselves in a financial lurch.
The C's have more than that to offer free agents.
They have the Low-Level Exception, about $1.9 million, to offer free agents. That can be offered to one player, or split up between more than one. It can be a maximum of a 2 year deal and it can only be used every other year. Since the C's didn't use it last year… they can use it this year.
They can also sign players to the minimum wage, which is based on a player's length of service (see chart here). A 10-year veteran can get a $1.3 million deal. You can sign as many guys to the minimum you want.
So the C's can throw the full MLE at Sheed and still have a little bit of flexibility.