Potential chips for the trade market

Mo Williams could either become a free agent after this season or stay in Cleveland for two years and $17 million. (NBAE via Getty Images)

This season’s trade deadline could unfold a number of different ways. With more than a dozen $10 million-plus expiring contracts and a couple of trade exceptions flooding the market, it’s unclear if monster expiring contracts will draw the same sort of return they have in the past. Plus, with a new collective bargaining agreement looming, it’s possible that teams slated to come under the estimated 2011-12 salary cap will scramble to shed even more future salary just in case.

That could make some more reasonable contracts — ones tied to productive players — available in February. With that in mind, here are some contracts we’ll be watching this season, with salary data courtesy of media reports and the indispensable ShamSports:

• Mo Williams, G Cleveland Cavaliers

Williams has an early termination option for 2011-12, meaning he can opt out of the $8.5 million he is scheduled to make next season and become a free agent. But if he chooses to stay on his current deal, he would have an $8.5 million player option for the 2012-13 season. In other words, Williams could either become a free agent after this season or stay in Cleveland for two years and $17 million.

The Cavaliers, who might hang around the fringes of the Eastern Conference playoff race, might be willing to deal Williams either way. If they think he’s going to leave, why not get something for him? Williams comes at a reasonable price, and a lot of teams could use a scoring point guard with a good three-point shot.

The Cavaliers could also get far under the projected cap if they deal Williams for assets that expire after the 2010-11 season and renounce the massive trade exception they got when LeBron James left for Miami. They could also keep Williams and stay under the 2011-12 cap, but why not get another $8.5 million in cap space if you can?

• Boris Diaw, F Charlotte Bobcats

If the cap number for 2011-12 stays near the current level (about $58 million), the Bobcats will be right up against it assuming they pick up rookie contract options and renounce the rights to the flotsam and jetsam on their roster. There’s one way to change that: move Diaw, who has a $9 million player option for 2011-12. Diaw shouldn’t be worth $9 million on the open market — especially not right now — so he’d be wise to grab that player option with both hands.

Still, it’s not an exorbitant deal and it will expire after the 2011-12 season. The Raptors recently showed interest in Diaw, and he remains a movable piece.

• David West, F New Orleans Hornets

The showcase trade chip in New Orleans is Peja Stojakovic‘s $14.2 million expiring deal, but the market is saturated with big expirings and the Hornets may have trouble drawing any real interest in Peja.

West is a different story. He’ll make $8.2 million this season and, like Williams, he has an early termination option that would allow him to get out of his $7.5 million deal for 2011-12 and become a free agent. It’s tough to project what West might decide to do, considering the number of variables involved — his play this season, his age (30) and the specter of a new CBA.

The Hornets can get themselves under the cap in 2011-12 by renouncing bit-player free agents and letting trade exceptions expire. But they’ll also have to re-sign Marcus Thornton, who stands to make a lot more than his minimum deal. Moving West could transform the Hornets into big players, but it might also infuriate Chris Paul if he can’t see the long-term value in such a trade.

The Raptors can get some breathing room under the cap if they move Leandro Barbosa for expiring assets or a draft pick. (NBAE via Getty Images)

• Leandro Barbosa, G Toronto Raptors

The Raptors’ cap number for 2011-12 will depend heavily on what they do with the $14.5 million trade exception they got in exchange for Chris Bosh. Regardless, this much is true: The Raptors can get some breathing room under the cap if they move Barbosa for expiring assets or a draft pick. Barbosa has a $7.6 million player option for 2011-12, and he’s likely to take it. He’d be a free agent after that.

That’s a decent price for a game-changing veteran bench scorer who may not have a place on a Raptors team that needs to rebuild.

• Andre Miller, G Portland Trail Blazers

Interesting things are afoot (again) in Portland, where Miller is scheduled to make $7.2 million this season and has a non-guaranteed deal worth $7.8 million in 2011-12. The Brandon Roy-Miller situation is threatening to blow up — just like last season — with Roy making noise about wanting the ball more and Miller reportedly not playing very hard in preseason action. Meanwhile, Nate McMillan is experimenting with Wesley Matthews at the point and using the trio of Matthews, Jerryd Bayless and Rudy Fernandez as a three-headed, ball-handling monster with backup units.

Dealing Miller would be a huge risk for a team that otherwise lacks a proven NBA point guard, and Miller stepped up hugely for the Blazers last year after some early-season conflict.

But the Blazers would likely be luxury-tax payers in 2011-12 — assuming the tax exists in some form — if they keep Miller, pick up rookie deal options that they’d be crazy to turn down, and extend Greg Oden. Of course, they could simply waive Miller for nothing after this season, but why do that without exploring your options first?

• Michael Beasley and Corey Brewer, F Minnesota Timberwolves

The Wolves are one of two teams that are way under the cap this season (Sacramento is the other), meaning they could pull a Thunder and rent their cap space to a team willing to part with a draft pick and some cash.

But the Wolves are in a very interesting situation going into 2011-12. If they pick up team options on Kevin Love (duh), Jonny Flynn (probable) and Wayne Ellington (iffy), they’ll already have 10 players under contract for 2011-12. Toss in at least one high draft pick, and the roster starts getting crowded — and the salary bill gets into the range where “massive cap room” transforms into “decent cap room.”

That’s where Beasley and Brewer come in. Brewer’s rookie deal will be up after this season, and the Wolves will have to pony up a $4.9 million qualifying offer to make him a restricted free agent. Beasley will remain on his rookie deal, but because he was such a high draft pick, the team option on him for 2011-12 is a pricey $6.3 million.

With the wing suddenly crowded in Minnesota, it’s possible the Wolves will look to move one of their attractive young players for something more useful.

• Randy Foye, G Los Angeles Clippers

The Clippers are under the cap now and they’re slated to be under the cap again next season. But not by all that much, assuming they pick up all their rookie deal options and pay to keep DeAndre Jordan. Doing all that will give them a payroll somewhere around $52 million before the 2011 draft picks are factored in.

Cutting small chunks of salary here and there — like Foye’s $4 million deal or Craig Smith‘s expiring $2.3 million deal — would give the Clippers slightly more flexibility. (Note: It’s arguable whether such flexibility means anything if you do things like give Brian Cook a two-year deal.)

Foye, 27, is a cheap-ish combo guard who would be useful on a contending team that needs 10 minutes per game of ball-handling and league-average three-point shooting.