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Waiving and stretching Chandler and Dudley isn't really a good plan since doing so would eat up around $7-8 million a year for the next 3 years. It's best to pay them this season and be done with it. We'll keep at least one of them as a locker room leader/veteran voice anyways.
Even if we did free up around $16 million in extra free agent money, who was there to sign at PG?
Making a turnaround to get us into the playoffs next season is unrealistic and paying for a short term solution like that is exactly what so many fans had bashed McD and Sarver for in the past. There aren't any big name PG's available right now that are making that much money. If there were then I'm sure they'd consider taking on an expiring contract with whatever else was offered. If there was some way to add a PG who could help beyond this season then the Suns might have bit the bullet and waived one or both of those 2 but you're the first person I've seen suggest that as the route they should have taken.
It is very short sighted because they'd be stuck with $8 million in dead cap space for 3 years, that's MLE money that they couldn't spend elsewhere. All in an effort to get where exactly? The playoffs and close to a 30 win turnaround?
I particularly agree because the Suns have plans to use this money next off-season.
Also the Suns might stretch Knight if he does not play way well this season.