This isn't eating our cap space since it was signed using his early Birds Rights. This transaction will take place after all our other signings.
While the money is shocking, it literally is money that could NOT go anywhere else or be used for anything else. Since it's a 1 year deal with a team option for a 2nd year it also gives us a medium level contract that can be added as part of deals while having no impact on our future at all.
The bigger issue is who we cut to make space for him, unless we are going to send a player out in a trade.