We should have about 14 mil in cap space and I was probably being 1 mil pessimistic (always shoot for caution), so we could probably squeeze 15 mil in cap space, then afterwards, use the much smaller exceptions, as well as maybe utilize two smaller TPE's too.
This 14 mil figure includes renouncing everyone we can except Zimmerman. And the only cap hold that feels like it might hurt to lose it is Meeks.
The 14 mil figure also includes a cap hold/expected salary of keeping all four draft picks this summer.
But if the Magic really wanted to go after Porter or another high-level FA, they would have a few trade options to make a serious offer. It is important to note that the deals include basically zero incoming cap space. So the reality is that these cap space amounts could be slashed significantly too.
1) Both D.J. Augustin and Terrence Ross have only 21 mil owed, over 3 seasons and 2 seasons respectively. They are not hard amounts to flip, even if D.J. was pessimistically considered dead weight. Ross, however, would probably be much easier to flip. He has only 2 guaranteed seasons and is widely considered a solid value for his contract amount.
Cap space with D.J. trade: 21 mil w/ zero incoming cap, 16.5 mil - 21 mil range of realistic cap space
Cap space with Ross trade: 24.5 mil w/ zero incoming cap, 18 mil - 24.5 mil range of realistic cap space
2) Along the same line, Vooch and Fournier are also considered good value for their contract amounts. In fact, Vooch has only 24.5 mil of guaranteed money over 2 seasons. He's likely the easiest flip on the team by far.
Cap space with Vooch trade: 26.5 mil w/ zero incoming cap
3) Flip Biyombo's contract someway, somehow..
Cap space with Biyombo trade: 31 mil w/ zero incoming cap
Note: Not advocating any trades. Just talking numbers.