re: Cut Peja

I was wrong, about $1m over.

You guys forgot about Aaron Gray.

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I was wrong, about $1m over.

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No they aren't. Maybe there are exceptions or prorated salaries or other accounting loopholes that make the numbers not mesh with salary figures hoops hype has, but acquiring Gray was a minor salary dump.

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the Hornets managed to trade Hilton Armstrong for a phantom draft pick, getting the team within $400,000 of the tax line.

...Instead, the Hornets showed just how little they care for Brown by sending him to Chicago for seriously flawed reserve big man Aaron Gray, a cat who might not be in the league beyond this season. The trade saved New Orleans ... $100,000 in cap room

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Then the next day they dumped Bobby Brown and all the articles I've seen say that got them under the threshold.

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The New Orleans Hornets will not have to pay the NBA's luxury tax this year after dealing reserve guard Bobby Brown to the Los Angeles Clippers.

Hornets coach and general manager Jeff Bower says the deal helps the Hornets avoid the tax while keeping core players.

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LINK

And if you need further proof, from an article on not making trades at the trade deadline

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But the Hornets are just under the luxury tax threshold, and any potential deal could have raised their payroll above the $69.9 million limit that would have potentially forced the franchise to pay a tax penalty to the league.

Now with their current roster in place for the remainder of the season, the Hornets will earn an estimated $5 million this summer for being under the threshold. Teams under the theshold split the share of the luxury tax revenue.

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LINK