It's actually 3 million less than the original agreement of 4 years 28.8. With the flood of automatic match rumors, Morey went back to the drawing board to design a deal that would be close to unmatchable. So he funneled that back end of the original deal into the max salary he could get into year 3.
The original agreement was a team option for year 4, pretty much unguaranteed money. You cannot factor that into the value of this contract. If it were a player's option then it'd be a different story.