What is Chris Paul's max contract

[pad300]

Chris Paul is a FA this summer. He is going to be a 12 year vet, and can therefore be offered a 35% of cap max contract. If from LAC it can be 5 years long (7.5% raises). If from another team, it can be 4 yrs long (4.5% raises).
This leads to a contract calculation that looks like this:
Expected Team Cap 1.03E+08
Salary Size Calculation Cap 97014304.87
35% of cap 33955006.71
4.5% Raise 1527975.302
7.5% Raise 2546625.503

Years Free Agent Contract LAC Contract
1 33955006.71 33955006.71
2 35482982.01 36501632.21
3 37010957.31 39048257.71
4 38538932.61 41594883.21
5 44141508.72

Total 144987878.6 195241288.6

This is pretty clear. It also matches with a lot of stuff in the media.

But Chris Paul is 32 by July 10, 2017. A 5 year contract hits the over 36 rule,

http://www.cbafaq.com/salarycap.htm#Q58

This implies a structure that looks like this
Over 36 rule
Initial Salary 25125006.71
7.5% raise 1884375.503
Years LAC Contract Defered Value effective value
1 25125006.71 8827877.179 33952883.88
2 27671632.21
3 30218257.71
4 32764883.21
5 35311508.72

Total 151091288.6
Note that a 4yr max from LAC is also approximately $151 Million.

Question: Am I interpreting the CBA correctly (and have done my math right)? Is the financial incentive for CP3 to stay in LA much less than has been publically implied?

[Smitty731]

The rule was changed to Over 38 in the new CBA. And raises are now 5% and 8%.

[DBoys]

op is way off
103 cap
lac 209.09
other 155.015

[pad300]

The rule was changed to Over 38 in the new CBA. And raises are now 5% and 8%.

Thank you Smitty