I'm not sure about that. The Spurs might want to pay Horry more than that. Depending on the new salary cap and luxury tax thresholds the next couple of years, it might make sense to frontload Horry's total two-year compensation by signing him to an early Bird contract with a team option on the second year. The team wouldn't pick up the second year, but sign Horry for the minimum in year two. That way the Spurs could pay Horry, say, $5 million over the two years but take a cap hit of under $1 million for him that second year.
Sure it's convoluted, but from what we saw with Ferry, I think there might be a wink-wink deal to pay Horry more next season. Call it a hunch.