This is certainly better than what was previously being estimated but just to clarify, we have approx $62mil in team salary with only 9 players on the roster this summer. So we will not have any cap space.
We will have approx $44mil in team salary with only 4 players on the roster next summer (Melo, Amare, Douglas, Balkman). This is not including our 1st round pick from this year and signing any players under long term contracts this summer (e.g. Shawne Williams, Anthony Carter, etc). This would give us $18 mil in cap space in 2012. Enough to sign a CP3 or Howard to a max contract and then fill the roster with minimum salary players. A max cap would certainly make it very difficult to sign quality veterans and free agents to surround the 3 stars though.
What worries me is they are still considering eliminating the MLE. This would really hurt our chances of building a solid team for next year, and possibly beyond.