well....
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so about 113M in guarantees and dead salary. The NBA projects a 134M cap, so theoretically the Blazers could have 21M. But that' for only 9 players so deduct 3M down to 18M for roster charges
then you have to start adding up the cap-holds:
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obviously, Grant is the immediate monkey wrench to any cap-space plan. And the cap-holds of Reddish and Thybulle would pretty much kill any cap-space. Some of the cap-holds could obviously be renounced as a book-keeping transaction. Maybe the Blazers are planning of re-signing Eubanks for 2-4M but that would be more than his cap-hold so the Blazers could delay.
and of course, there's the draft pick factor. If the Blazers have the 7th pick, again, it would be around a 6.5M cap-hold; the 3rd pick about 9M; te first pick (wemby math) about 11.5M. The 23rd pick would be around 2.6M
bottom line is yeah, Portland could hypothetically have some space, but it would have to be a perfect storm of factors, and just about all of them are negative. I think the Blazers will be more concerned about having tradable contracts as filler so they might re-sign Thybulle and Reddish just for that reason. If they do offer QO's to any of those players, I can't remember if the QO is applied to the roster or the cap-hold. In other words, the answer to your question is almost certainly no
one other factor to keep in mind: the NBA and player's union agreed to a new CBA and that starts in July. So their may be tweaks and adjustments to all of those numbers we don't know about yet