Yeah, I figured that was not very clear. Let's say he gets an offer from a team that is over the cap, and they are willing to pay him 4/63 (like Hayward got). That team is willing to do a sign and trade with the Suns and give some assets, maybe picks, a young player or something. But they will also want the Suns to take back salary in order to do the s&t, and it will probably be "dead" salary--an overpriced contract, injured player (Okafor) or something.
In that scenario, that team is not really paying Bledsoe that max deal. They are shedding unwanted salary in the process. Let's say it's a $6 million dollar contract.
The Suns could say, "OK. Your market value is 4/57. The offer you got, minus the bad contract the team wants to give up. We'll pay you 4/57 to stay."
I know its a bit convoluted, and doesn't make sense, because the Suns do not have to do ANY s&t if they don't want to. Its just that s&t offers are not really true real market offers because they almost always include dumping unwanted salary from the team the FA wants to go to.