earthmansurfer -
from what i understand caphold relates to how much money a player's salary counts against the cap regardless of whether you sign him or not.
that's how cap space for the summer free-agent period is calculated.
the only argument that would make sense to me would be that you have to sign your rookie scale contract free-agents first, to adjust caphold, which seems to be what you are saying (i.e. re-sign thomas to the qualifying offer early, then he only counts as $6.25 mil).
however, it would seem pretty strange to have a system that uses the larger caphold penalty for rookie scale free-agents -- which seems to be a mechanism for encouraging teams to re-sign their own players on rookie scale deals rather than just let them walk -- to be manipulated by just signing them before all other free-agents.
in other words, i am gathering thomas' deal will take away $13 mil from the knicks' ability to sign free-agents regardless of whether we potentially re-sign him or not.
maybe someone can correct me if i am wrong...
Forum Po Po and #33 for a reason...