Rasual Butler’s cap number was $4,045,000, but $100,000 of that was a bonus/incentive for “team achievements.” The Hornets, in turn, get that $4.045M as a trade exception.
The Clippers, meanwhile, absorb Butler using $3,945,000 of their $7.3M trade exception from the Randolph-Richardson deal. They don’t have to account for the $100,000 bonus/incentive in their cap number.
That leaves the Clips with a $3,355,000 trade exception.
For all practical purposes, the Clippers have now effectively moved Zach Randolph for Craig Smith, Mark Madsen, Sebastian Telfair, Rasual Butler, and a $3,355,000 trade exception.