This is good news... and shows the Suns are wising up. I give credit to McD and am on board with extending him next year. Aside from one or two missteps, I think he has done a good job.
There's of course no guarantee that all of the young talent they are accumulating will blossom into stars, but they are still rebuilding the smart way. A lot of the teams throwing out big contracts to mediocre talent right now are going to really be regretting it in a couple years.
As for taking on dead money to accumulate more assets, I would be interested in also seeing them bring in one or two younger prospects that haven't had the opportunities to really show their full potential with their current team, but who would get a better chance here... along the lines of how we got Westphal in the 70s, or KJ back in the late 80s. There are probably one or two diamonds in the rough out there. Colangelo was excellent at finding them.