So, without further adieu:

What this means: The number most of you are going to be interested in is the Cap Space w/o figure. This number includes Carter's $4,000,000 "buyout" and excludes both Pietrus' and Dragic's options. There are two points to make here:
1. Pietrus' option is a Player Option which means that he holds the cards. If he executes his option, we wind up with a solid $5,300,000 DNP for an extra year. From a financial perspective, it would make sense for Sarver to negotion a moderate buyout of Pietrus' contract this year, so that his salary is freed up and available for deployment during the 11/12 season. *Edit -1*
2. Dragic's option is a team option that we are sure to execute, but this will probably be done in conjunction with a contract extension. I'd be interested to hear what most of y'all think would be the right salary for his extension.
So, Suns fans, your realistic projected total available to the FO in 2011/2012 will most likely be:
$7,149,696 - This includes Pietrus' salary
$12,449,696 - This excludes Pietrus' salary
Both assume Dragic's salary.
Based on the "Best Case" mentioned above, your PHX Suns for 2011/2012 would look like:
PG - Nash / Dragic
SG - Childress
SF - Dudley
PF - Frye / Warrick
C - Gortat / Lopez
*Edit -1* If the player had more than one season left on his contract, then the buy-out money is distributed among those seasons in proportion to the original salary, so my strategy here is partially flawed. Learn something new every day.
*Edit - 2* After some thought, since Pietrus isn't guaranteed next season, a buyout in an excess amount of the remaining balance of his contract this season may not technically count against the cap the following year, though it could push the team into lux tax territory this year.