The cap holds are only $470K each and with Frye signed we have 9 players under contract, so only three holds.Not according to any numbers I've seen. Where are you coming up with that?
Edit: Just saw your other post. Don't forget the minimum-contract holds, which knock off another $2 million or so.
To clarify:
+ 56.1M projected salary cap
- 43.1M committed salaries (all free agents renounced)
- 5.2M Channing Frye (could be up to $6M)
- 1.4M 3 cap holds
= 6.4M cap space
I don't think I'm missing anything above. Of course none of this will matter if we can get a TPE from an Amare trade.