It looks like he is using a very low estimation of future cap to calculate "% of cap". If the new TV deal is as good as planed, Vassell's "% of cap" will be around 13% in his last two years.
Without trying to over-analyze it, I think you can draw two conclusions of it:
First, Spurs aren't looking to maximize cap space for next summer. Spurs could have saved as much $6M in cap space by structuring Vassell's contract differently. It doesn't necessarily mean Spurs won't go after a big FA this summer but it means they think they don't need to optimize their cap space to execute next summer plan.
Second, Spurs are damn high on Wembanyama. To me, the 4th year drop is about avoiding luxury tax when his extension will kick in. In 26/27, Wemby will earn $17M and a supermax extension will raise his 27-28 salary close to $60M. Spurs had him in their building practicing for 2 months and they are already structuring the team salary to fit his max extension in 4 years. It gives you an idea on how they view him.

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it won't be that bad but OG is about to get a 230+ million dollar bag and I'm not entirely sure he's worth it as a player who's yet to post a PER of 15. Meanwhile Vassell's PER last year was 15.5. Dude is a huge asset and great get for the Spurs, and that contract won't hurt us with the new cap in a few years.
