Is this correct?
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Scenario #1: Signing an extension this summer The collective bargaining agreement calls for players signing extensions to receive annual raises equaling 10.5 percent of their previous year's salary. (In the case of a max deal, as these would be, they'd be eligible for 30 percent of the cap -- but 30 percent of a reduced cap is less than the 10.5 percent raise.) With two years left on their current contracts, James, Wade and Bosh are eligible for four-year extensions this summer because the maximum contract length is six seasons. With a $1.8 million raise each year after their $17.15 million salaries for 2010-11, the Big Three would each make $103.75 million over the next five years. Here's the breakdown:
'10-'11: $17.15m (per current deal)
'11-'12: $18.95m
'12-'13: $20.75m
'13-'14: $22.55m
'14-'15: $24.35m
Five years, $103.75 million

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Scenario #2: Opting out next summer and signing a new deal By opting out and becoming unrestricted free agents on July 1, 2010, the Big Three would be eligible to make 30 percent of the cap in the first year of the deal -- by virtue of having completed seven years of service. However, the CBA calls for the first year of a new contract to be worth as much as A) a percentage of the cap based on years of service; B) a 5 percent raise over the player's previous salary; or C) $11 million, whichever is greater. If the cap falls to $50.4 million in 2010-11 as projected by the league, the 5 percent raise would apply in the first year with 8 percent raises in subsequent years for a total of $96.1 million over the next five years. The players could recoup the money by re-signing with their current teams, in which case they could get a sixth year at $23.2 million. Here's the breakdown:
'10-'11: $16.57m
'11-'12: $17.89m
'12-'13: $19.22m
'13-'14: $20.55m
'14-'15: $21.87m
'15-'16: $23.2m (only if re-signing with current team)
Five years, $96.1 million with new team
Six years, $119.3 million with current team


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Again, assuming this is correct, he stands to make roughly 7M extra if he signs an extension in CLE versus signing here as a FA next summer or signing a brand new longer term deal in CLE after opting out. As you can see, signing a brand new deal with CLE versus NY the difference is merely the extra season - not an additional windfall of cash over the same five year period. According to this, it's the same.

Is it?