No, as I said, it was basically a wash (within a half million either way). In round numbers, POR was responsible for the balance of Varejao's contract this year (~$4 million) and his entire salary next year (~$10 million). So, roughly $14 million. They were also ~$14 million under the league minimum salary. So, they would have gad to pay that anyway. So, pretty much a total wash (plus r minus a fraction of a million).
Using the stretch provision lets them divide the remaining ~$10 million owed Varejao over the next five years. That minimizes the cap this coming off season.
So, basically, the total dollars are a wash and we exchanged a $2 million cap hit for a 2018 top 10 protected first round draft pick from CLE.
BNM
The P&L this year is going to be ~+$6.4M than if the Blazers paid the $14M.
It was the salaries of Verejao PLUS Roberts PLUS Mike Miller that got us over the minimum salary.
Varejao is paid ~$4.8M, Miller ~$1.4M, Roberts ~$1.4M or ~$7.6M
$14M - $7.6M ($6.4M) is the P&L benefit for this year.
Verejao's 2016-2016 salary is $10.4M, but only $9.4M is guaranteed.
$9.4M /5 = $1.88M cap hit for 5 years.
If you ignore the P&L consequences and look at the overall impact over 5 years, the Blazers paid ~$1.8M, or $14M - ($9.4M + $6.4M), for the draft pick.
However, as long as the Blazers are over the cap and/or don't need the $1.8M cap space the $1.8M can be thought of as amortized over the 15 player contracts at $120K each per season.
The $1.8M would cost the Blazers luxury tax penalty if they're over the LT. It could put them over the LT.
EDIT: I used 1/2 for the amount of salary owed the 3 players. It is prorated and could be a tad more or less.
EDIT 2: if the amount paid Varejao is $3.3M per the tweet cited by BNM, then the Blazers' P&L savings is even more. $1.4M more just for Varejao alone. There's likely more savings for Miller's contract and Roberts', too.