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Assuming Charlie Bell and Louis Amundson exercise their player options for 2011/12, we end up picking around 12th, and the SalaryCap remains at $58M, the Warriors will have $6.1M in cap space. Reggie Williams looks like a keeper, but if push came to shove, they can decline his team option and have $7.2M in cap space. I'm not certain how much of Jeremey Lin's 2011/12 deal is guaranteed for, but they could get close to $8M under the cap if they shed his salary and let him walk as well.
Although the Warriors will likely be able to offer more money than all teams armed with only the MLE, it doesn't seem like enough to get them a proven star. Their best bet would probably be to go for a player that is young with upside (D. Jordan, A. Afflalo, S. Hawes, E. Clark, M. Chalmers, J. Smith) or a player who is coming off injury (G. Oden, J. Jerebko). Get them to sign short deals that don't extend past 2014 unless they could get an absolute steal for a very good player.
If they cannot get anyone worth keeping long term, they should do 1-year deals or 2-year deals with team options and look towards the offseason of 2012 to make a big free agent acquisition. Amundson and Bell are off the books and it will be easier to trade away Ellis and/or Biedrins' contracts which will only have two years remaining. Unfortunately, many fans cannot wait that long.