I was shown why that TPE is only 1.8M:
" The 2011 CBA mostly eliminated BYC -- in fact, the term "Base Year Compensation" was removed from the agreement entirely. The rules formerly known as BYC now apply under just one circumstance -- during sign-and-trade transactions (see question number 92). If a team re-signs its Larry Bird or Early Bird free agent in order to trade the player in a sign-and-trade transaction, the player's new salary is greater than the minimum, he receives a raise greater than 20%, and the team is at or above the cap immediately after the signing1, then the player's outgoing salary for trade purposes is either his previous salary or 50% of his new salary, whichever is greater. The team receiving the player always uses his new salary."
http://www.cbafaq.com/salarycap.htm#Q93
so then, yeah, unfortunately it's a nearly unusable TPE unless some team is looking to dump a player on a vet minimum contract