How Much Cap Space Do the Atlanta Hawks Have Left After Re-Signing CJ McCollum and Trading For Aaron Wiggins?

After coming over to the Atlanta Hawks from the Washington Wizards in the big Trae Young trade in January, CJ McCollum helped the Hawks rise from 10th in the Eastern Conference to 6th, helping them avoid the play-in tournament for the first time since 2021. Atlanta went 19-4 with McCollum in the starting lineup, and he was a hero in the playoffs, propelling Atlanta to a 2-1 series lead over the Knicks, though New York came back to win.

It was reported early yesterday afternoon that McCollum is going to be back with the Hawks. It is going to be a one-year, $21 million deal for the soon-to-be-35-year-old guard. and he is going to get a chance to run it back with Atlanta and build off the success that they had when he arrived from Washington.

Not only that, but the Hawks made a late-night trade with the Oklahoma City Thunder to acquire Aaron Wiggins for a pair of second-round picks. With the roster crunch that the Thunder are in, the Hawks swooped in and got a really talented player using their $11 million trade exception they had at their disposal.

Atlanta entered the summer with plenty of financial flexibility to go a number of routes, but where does their cap space sit after the McCollum deal?

Atlanta's financial picture

CJ McCollum Atlanta Hawk — Apr 23, 2026; Atlanta, Georgia, USA; Atlanta Hawks guard CJ McCollum (3) steps back on New York Knicks guard Miles McBride (2) in the fourth quarter during game three of the first round of the 2026 NBA Playoffs at State Farm Arena. Mandatory Credit: Brett Davis-Imagn Images | Brett Davis-Imagn Images

The salary cap for the 2026-2027 NBA season is set for $165 million.

Some numbers to keep in mind after this deal:

Luxury tax: $201 million
1st Apron: $209 million
2nd Apron: $222 million

With McCollum back, here are the current guaranteed contracts that Atlanta currently has for the 2026-2027 season:

1. Jalen Johnson- $30,000,000
2. Dyson Daniels- $25,000,000
3. CJ McCollum- $21,000,000
4. Onyeka Okongwu-$16,100,000
5. Nickeil Alexander-Walker- $14,403,710
6. Corey Kispert- $13,975,000
7. Zaccharie Risacher- $13,826,040
8. Aaron Wiggins- $9,028,038
9. Asa Newell- $3,399,480

That is $146,732,268 for those nine players. Atlanta is still well under the cap and far away from the luxury tax and aprons.

One thing that I think can be assumed with McCollum returning to Atlanta is that the Hawks are going to operate as an over-the-cap team this offseason.

If the Hawks operate as an over-the-cap team, Atlanta can do this: bring Jonathan Kuminga back, use their two draft picks, and have access to the non-taxpayer mid-level exception ($15.1 million) that they can use in free agency this offseason, then round out the roster with someone on either the bi-annual exception (5.5$ million) or veteran minimum contracts. They have already used the $11 million trade exception they had as part of the Aaron Wiggins trade.

There are a couple of decisions to keep an eye on over the next week that will affect how much space and flexibility the Hawks have this summer.

First, the Hawks have to decide what to do with Buddy Hield by Thursday. If Hield is not waived, he will be owed $9,658,536 for the upcoming season, but Atlanta will only owe him $3 million if he is waived by Thursday. If the Hawks did that, they could waive and stretch his contract over three seasons, where they would only have $1 million against their cap in each of the next three seasons.

Next Monday is the day that the Hawks will have to decide on team options for Kuminga ($24.3 million) and Mouhamed Gueye (2.4 million). If the Hawks pick up both options for next season, plus waive Hield by Thursday and have his $3 million on the books for next season, Atlanta will be at $167,410,435 for next season for 10 players.

That would mean the Hawks are $33,589,565 away from the luxury tax with 4-5 spots left on their roster. They have three draft picks, the $11 million trade exception, the bi-annual exception, and the non-taxpayer mid-level exception to fill out their roster. Atlanta could also try to combine Kuminga, Kispert, and Risacher as matching salaries if they want to go looking for a big trade.

Atlanta is still set up well financially this summer and will likely be operating as an over-the-cap team. The next pieces of business are going to be the draft and deciding what to do with Buddy Hield, Jonathan Kuminga, and Mouhamed Gueye.

McCollum is back with the Hawks, and trading for Wiggins was a sound move, but there is more work for this team to do, and they have the means to make this team better this offseason.

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