The Warriors could have substantial cap space in summer 2027 after Stephen Curry’s new extension, but the reported $38 million to $55 million range is conditional. The San Francisco Chronicle reports that projection excludes new contracts for Jimmy Butler and Draymond Green. Keeping them would use some of the money available to rebuild around Curry. San Francisco Chronicle

Curry agreed Friday to a two-year, $116 million extension, with a player option for 2028-29, according to ESPN. Golden State must now decide how to use the savings from his lower future salary to add help while retaining the teammates it wants to keep. ESPN, via ABC7

How much does Curry’s discount save next summer?

The Chronicle reports that Curry will earn approximately $55.7 million in 2027-28, compared with $65.7 million under the maximum extension available to him. Subtracting those rounded figures gives about $10 million in additional room that season. San Francisco Chronicle

His existing $62.6 million salary for 2026-27 remains in place. The extension therefore does not reduce this season’s payroll. ESPN’s Bobby Marks projects the $38 million to $55 million range for the following summer, with Brandin Podziemski’s extension decision among the variables. ESPN reports that Podziemski currently has a projected $17 million cap hold for that offseason. ESPN, via ABC7

Can the Warriors spend that money and then bring back Butler and Green?

They cannot simply erase the veterans’ expiring contracts, spend the resulting room and then use Bird rights to re-sign both above the cap.

Bird rights allow a team to exceed the salary cap to retain eligible players. But those rights come with a cap hold: a temporary amount charged to team salary while the player remains unsigned. Renouncing the player removes the hold but also removes the applicable Bird exception. NBA’s CBA guide

Butler and Green both have contracts expiring after 2026-27, ESPN reports. Their contracts ending does not automatically make their cap charges disappear. ESPN, via ABC7

If either signs a cheaper deal with the Warriors, his new salary replaces his hold. If Golden State renounces his rights to maximize room, bringing him back would require remaining cap space or another available exception. The order and price of the signings therefore affect how much the Warriors can spend on returning veterans and outside additions. Hoops Rumors’ cap-hold explanation

Porzingis presents another keep-or-replace decision

Kristaps Porzingis could also cost more than a total of guaranteed salaries would suggest. His 2027-28 deal includes a $20 million player option with a June 29, 2027 deadline. Only $3 million is initially guaranteed; full protection takes effect July 7, 2027 unless he is waived beforehand. The option deadline and guarantee date are separate. Fanspo, SalarySwish

If that option is exercised, retaining him at the full salary would cost $17 million more than counting only the guaranteed portion. That is the difference between $20 million and $3 million, holding other charges constant—not a separate estimate of the Warriors’ total cap room.

If Porzingis exercises the option, counting only the protected $3 million would require Golden State to waive him before full protection takes effect on July 7. Retaining him carries the full $20 million salary; partial protection does not let the Warriors keep him at a $3 million cap charge. SalarySwish

Waiving him would also leave the cost of replacing his minutes to consider. How much Golden State can spend on additions will depend on what it pays to retain the players it wants beside Curry.