If the player explodes, you're not overspending -- you're just not getting a bargain.
The Suns have plenty of cap room to work with. It won't be a lack of cap space that keeps major talent away.
It would be silly to pay Bledsoe $9M/yr just to escape the possible risk of needing to pay him $12M/yr later. But, from his camp's perspective, he doesn't want to accept a modest contract if he thinks he can earn more. So it's an impasse, fine, that's how the business works, nothing to sweat over.
Lingering hysteria over having "lost" Joe Johnson is clouding people's judgment. Johnson would not have brought the Suns a title. They had a terrific offensive team even without him; he wasn't going to help with interior defense or rebounding, which is what killed them in the playoffs every time. And it should go without saying that still having Johnson on the roster now would be of no use at all. In fact I'm sure that Brooklyn would be delighted to send him this way. The Suns just didn't lose that much with Johnson. It's time to move on.