There's a huge gap from capable player to max contract. The MLE is basically made for players like him, though the Spurs signing him for a bit more than that if that like he would make sense. But let's put things into perspective. He's playing at an equivalent level of 2012 Danny Green. Both were very capable complimentary players who excelled at filling in the gaps around their teams' stars. Yes, Reaves' non-shooting offensive game is way better than any Green showed, but he's also not an elite defender at his position. If you want to put Reaves a little above so be it. How much is that worth? Green would've likely got the full MLE on the market. The combination of his playoff slump and him wanting to remain with the Spurs lead to a discount.
Reaves has to be put into context. He's not playing like one of the actual best players on a winning team. There's only so much money -- especially with the new salary rules coming up -- that you can pay for a guy you want to be your fourth- or fifth-best player. MAYBE the Spurs could afford to pay him huge money solely because his contract would coincide with Wemby's rookie deal. But as a guy who'd at best be fighting Vassell and Johnson for a starting spot, there's a clear limit to what's a tenable offer the Spurs could make.

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