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Question about amnesty clause

I just had a quick question about the rules for the amnesty clause. Is a team allowed to amnesty a player, then re-sign him for a smaller contract to save money on the luxury tax? For example, let's say the luxury tax kicks in at $60 mil and the Bulls' salary is at $70 mil. For the first $5 mil over the tax, they pay $1.50 per dollar, or $7.5 mil total. For the next $5 mil, they pay $1.75, or $8.75 mil, for a total of $16.25 mil in tax, and a grand total of $86.25 mil. Would the Bulls be allowed to amnesty a player, say Carlos Boozer who makes about $14 mil per year, then re-sign him for a million? They'd still be paying him the full $15 mil, but it would take their salary down to $57 million, plus the $14 mil that they still pay Boozer from his old contract, which doesn't count against the tax, and they'd save a cool $15 million in luxury tax payments. Would that be legal under the CBA, or is there something that I'm missing here? Of course, they'd be running the risk that Boozer could just turn around and sign with a different team for more money, then they'd be stuck paying him $14 million per year to not play for them, but you can trust a guy like Carlos Boozer to keep his word, right?

All comments are the opinion of the commenter and not necessarily that of SLC Dunk or SB Nation.

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