Thing is we could HYPOTHETICALLY still clear some cap space if there's someone else we want to sign (not likely). Right now we're at the line but...
If Meyers takes the Qualifying Offer that opens up $3.7M.
If we renounce the 2 unguaranteed contracts and sign them later using the room exception, that opens up $1.7M which would give us $5.4M.
We also have a logjam in the frontcourt. Trading Plumlee for a 1st Round Pick and it'd give us $8.7M in cap space. If we traded Davis it'd give us a full $12M.
There's no one I want to sign for that much. But if there was, trading Plumlee for a 1st round pick and signing a vet that could play in a pinch would set us up even better for a blockbuster trade midseason.