I figured that this stuff is going to start coming up pretty soon, so having some links and numbers to reference might be nice.
The luxury tax is supposedly going to drop to $68 million this upcoming summer. We are currently on the books to pay 10 players $64 million. We have 2 first round draft picks in this draft that will earn (+25% bonus) (16th pick) $1.67 million and (26th pick) $1.08 million. That gives the team 12 players and $1.25 million dollars under the tax, enough to sign a couple of minimum salary players, but that's about it.
Jerome James is being paid $6.6 million, but 80% of that ($5.28 million) is covered by insurance.
These are the 2009 free agents. Acquirable pieces include RFA Josh Childress and UFA Brandon Bass.
I don't have a lot to say other than the fact that it looks like it will be hard to keep Gordon and that I hope our younger pieces will develop (Thomas, Rose, Noah, Deng) more than our older pieces regress (Miller, Salmons, Hinrich).