Len, the fifth overall pick in June's draft, was one of a handful of first-rounders that had yet to officially sign his deal, along with Nerlens Noel and Michael Carter-Williams of the Sixers, and the Spurs' Livio Jean-Charles, who appears likely to play overseas. As our chart of salaries for 2013 picks shows, the Ukrainian big man will likely earn a salary of about $3.49MM.
The signing of Len seemingly coincides with the finalization of the trade that sent Caron Butler from the Suns to the Bucks. I noted earlier today when I examined that deal that it wouldn't be surprising to see Phoenix make Len's deal official simultaneously, since that would allow the club to go over the cap, creating a sizable trade exception in the Butler swap
Assuming the Suns chose that route, they'll obtain a $5,548,537 TPE, but would have to renounce it to free up cap space. Renouncing the exception would result in $5,241,838 of cap room, according to figures at HoopsWorld and ShamSports. In other words, the TPE could accommodate a slightly more expensive acquisition, but would only allow the team to add a player via trade, rather than via free agency.
The addition of Len means the Suns now have 17 guaranteed contracts on their books, so the club will have to trade or cut at least two players by opening night.